Unformatted text preview: more $53,000.00 $55,100.00 $7,900.00 $3,850.00 $6,200.00 $37,150.00 $14,300.00 10% $1,430.00 $2,100.00 G.I mortgage state exempts taxable $22,850.00 15% $3,427.50 Total Taxes $4,857.50 The Williams will save $307.50 if they file using Itemized Deductions. Always use the larger of standard or itemized deductions to reduce tax liability. P.8 $17,200.00 Because they are making less than $17,800 they would not generally have to file a return, but because taxable inc. their self-employment income was more than $800 they will have to file. Even without the self-employment income they should still file to get a possible refund from taxes off their pensions....
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This note was uploaded on 04/25/2010 for the course FINC 110 taught by Professor Bunker during the Spring '09 term at Westminster UT.
- Spring '09
- Personal Finance