Dave and Alana are married. Last year Alana earned $31,300 and Dave earned $25,100 in...
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Accounting
Dave and Alana are married. Last year Alana earned $31,300 and Dave earned $25,100 in wages. Additional tax information for the year is as follows: interest earned: $2,600; penalty on early withdrawal of savings: $200; contributions to IRA retirement fund: $2,500; real estate taxes paid: $2,500; mortgage interest paid: $6,800. Find the taxable income if they file a joint return. The standard deduction for each filer is $12,000.
a.$56,400
b.$59,000
c. $32,300
d.$26,000
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