Brad and Angie Had the Following Income and Deductions During$\begin{array}{lr}
\text { Salaries } & \$ 110,000 \
\text { Interest income } & 10,000 \
\text { Itemized deductions } & 16,000 \
\text { Taxes withheld during year } & 15,000
\end{array}$

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The Answer is

\begin{array} { | l | r | } \hline ext { Salaries } & \$ 110,000 \\hline ext { Interest income } & 10,000 \\hline ext { Gross income } & 120,000 \\hline ext { Deduction for AGI } & 0 \\hline ext { AGI } & 120,000 \\hline ext { Itemized deductions } & ( 16,000 ) \\hline ext { Exemptions } ( 2 imes \$ 4,050 ) & ( 8,100 \\hline ext { Taxable income } & \$ 95,900 \\hline\end{array}

Tax = $10,357.50 + .25(95,900 - 75,300) = $15,507.50
$15,507.50 - 15,000 taxes withheld = $507.50 taxes due

Brad and Angie Had the Following Income and Deductions During

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Brad and Angie Had the Following Income and Deductions During

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Correct Answer:
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