The Johnsons tax questions

timer Asked: Jan 28th, 2015

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.

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