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#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They...

#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They also earned $1,285 in interest on investments and contributed $19,912 to a taz-deferred retirement plan. They will use their 2019 standard deduction of $24,400 rather than itemizing their deductions and claim a $2,000 per child tax credit for each of their three children. Calculate Jeremy and Ren's taxable income. Answer should be a whole number.
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Answer #1
Wages Earnings        1,16,362
Interest on Investments             1,285
Gross Taxable Income       1,17,647
Less: Tax Deferred Retirement Plan          -19,912
Less: Standard Deduction          -24,400
Less: Child tax credit (3 children)            -6,000
Net Taxable Income           67,335
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