Jane and Ed Rochester are married with a 2-year-old child, In 2020, Ed and Jane...
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Accounting
Jane and Ed Rochester are married with a 2-year-old child, In 2020, Ed and Jane realized the following items of income and expense: Amount Items:
$ 30,000 Ed's Salary, $75,000 Jane's Salary , $400 Municipal bond interest income, OID interest $1,000, $8,000 Alimony paid (divorce in 2018) $15,000 Real property tax, . Their employers withheld $5,800 in federal income taxes from their paychecks.
1. What is their AGI?
2. What is their Taxable Income?
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