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Tim and Sarah are filing married filing jointly. They had $145,000 of income from salaries and...

Tim and Sarah are filing married filing jointly. They had $145,000 of income from salaries and a S/T capital gain of $2,000. They had itemized deductions that total $19,750. What is their tax liability?

A.

$18,324
B.

$19,435
C.

None of the amounts listed
D.

$18,464
E.

$19,575
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Answer #1
Gross Income $ 147,000 =145000+2000
Itemized deduction           19,750
Standard deduction           24,800
Taxable Income        122,200 =147000-24800
( Gross Income - Higher of Itemized or standard deduction )
Tax liability $ 18,464 =9235+(122200-80250)*22%
Correct answer is option D .
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