D George and Katherine Green are married with $146,000 in gross income from their jobs at the University of Wyoming. During the year they had $4,300 in adjustments. They had $23,000 in eligible 7.5% medical expenses and $14,000 in other itemized deductions. They have 2 eligible child. They had $10,000 worth of taxes withheld throughout the year. 0 Question 1 What is the Green household's Adjusted Gross Income? O $145,100 O $126.000 O$120,500 O $141.700 Question 2 How much are the Green household's itemized deductions? O $22,000 O $17,000 O $10,900 O $26,372.50 Question 3 What is the Green household's taxable income? O $93,827.50 O $115,327.50 O $103,400.00 O $97,605.50

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 2P: Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For...
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Question 4
What is the Green household tax liability (how much do they owe in taxes before credits or taxes
withheld are applied)?
O $12,139.05
O $16,869.50
O $22,884.50
O $20,409.00
Question 5
Will the Green household receive a refund or owe a payment, what is the amount?
O They will receive a refund of $378.26
O They will owe a payment to the government of $6,539.00
O They receive a refund of $860.95
O They will owe a payment to the government of $869.50
Transcribed Image Text:Question 4 What is the Green household tax liability (how much do they owe in taxes before credits or taxes withheld are applied)? O $12,139.05 O $16,869.50 O $22,884.50 O $20,409.00 Question 5 Will the Green household receive a refund or owe a payment, what is the amount? O They will receive a refund of $378.26 O They will owe a payment to the government of $6,539.00 O They receive a refund of $860.95 O They will owe a payment to the government of $869.50
D
George and Katherine Green are married with $146,000 in gross income from their jobs at the University of Wyoming.
During the year they had $4,300 in adjustments. They had $23,000 in eligible 7.5% medical expenses and $14,000 in
other itemized deductions. They have 2 eligible child. They had $10,000 worth of taxes withheld throughout the year.
0
Question 1
What is the Green household's Adjusted Gross Income?
O $145,100
O $126.000
O $120,500
O $141.700
Question 2
How much are the Green household's itemized deductions?
O $22,000
O $17,000
O $10,900
O $26,372.50
Question 3
What is the Green household's taxable income?
O $93,827.50
O $115,327.50
O $103,400.00
O $97,605.50
Transcribed Image Text:D George and Katherine Green are married with $146,000 in gross income from their jobs at the University of Wyoming. During the year they had $4,300 in adjustments. They had $23,000 in eligible 7.5% medical expenses and $14,000 in other itemized deductions. They have 2 eligible child. They had $10,000 worth of taxes withheld throughout the year. 0 Question 1 What is the Green household's Adjusted Gross Income? O $145,100 O $126.000 O $120,500 O $141.700 Question 2 How much are the Green household's itemized deductions? O $22,000 O $17,000 O $10,900 O $26,372.50 Question 3 What is the Green household's taxable income? O $93,827.50 O $115,327.50 O $103,400.00 O $97,605.50
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