Unformatted text preview: Answer: Their taxable income is $47,214. Remember that you need to subtract the permitted deduction of $17,500 from their W-2 wages to obtain taxable income. Their tax liability using the tax tables is $6,301 and their liability using the tax rate schedules is $6,299.60....
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- Spring '11
- Taxation in the United States, Petra, W-2 income