Arthur and Cora are married and have 2 dependent children. They have a gross income...
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Accounting
Arthur and Cora are married and have 2 dependent children. They have a gross income of $96,740. Their allowable deductions for adjusted gross income total $4,220, and they have total allowable itemized deductions of $26,250. The standard deduction for 2019 is $24,400.
Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar.
Note: The child tax credit in 2019 is $2,000 per child.
a. Arthur and Cora's 2019 taxable income is $____________
b. Arthur and Cora's 2019 income tax is $__________
c. If Arthur has $2,800 and Cora has $1,200 withheld from their paychecks then they (refund or additonal taxes?) of $____________________
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