3. In the current year, Sarah, age 67 and married filing separately filing status, earned...
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Accounting
3. In the current year, Sarah, age 67 and married filing separately filing status, earned a salary of $120,000 and received $20,000 municipal bond interest. Sarah paid $12,000 in state taxes and $20,000 interest on a mortgage on her home. she purchased her home in 2019 and the average principal balance of the mortgage was $2 million in the current year. Compute Sarah's taxable income for the current year.
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