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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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This note was uploaded on 09/16/2011 for the course ACCOUNTING 145 taught by Professor Eric during the Spring '11 term at Palm Beach Community College.
- Spring '11