The Johnsons tax questions

Business & Finance
Price: $5 USD

Question description

The Johnsons are buying a home that has monthly mortgage payments of $3,000, or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has an additional $14,000 in itemized deductions. Using these numbers and Table 4-3, calculate their taxable income and tax liability.

. Assuming they had a combined $18,000 in federal income taxes withheld, how much of a refund will the Johnsons receive?

. What is their marginal tax rate?

Based on gross income, what is their average tax rate?

List three additional ways that the Johnsons might reduce their tax liability next year.

Tutor Answer

(Top Tutor) Daniel C.
School: Duke University
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