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Unformatted text preview: The problem tells you Xavier and Marias W-2 income, not their taxable income. To determine taxable income (the number necessary to use the tax tables) you need to subtract the permitted deduction of $17,500. Their taxable income is $78,058 giving them tax liability of $12,366. Since they had $14,117 withheld they are entitled to a refund of $1,811 ($14,117 $12,366...
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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