36 - Answer Their taxable income is $47,214 Remember that...

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42. Havel and Petra are married, will file a joint tax return, and meet the requirements to file a Form 1040EZ. Havel has W-2 income of $31,931 and Petra has W-2 income of $32,783. What are their taxable income and their tax liability. Determine tax liability using the Tax Tables and the Tax Rate Schedule.
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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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