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  1. business
  2. accounting
  3. peter's gross income is $80,000 a year, and wendy

Peter's gross income is $80,000 a year, and Wendy earns $100,000 a year. They save...

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Accounting

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Peter's gross income is $80,000 a year, and Wendy earns $100,000 a year. They save $3,000 into an IRA together. They are a married couple and have two children, so that they can have a child tax credit $2,000 per child. Peter and Wendy decided to file taxes jointly, and this year standard deduction for married taxpayers is $24,800. a. How much is the gross income? b. How much is the adjusted gross income (AGI)? c. How much is the taxable income? d. How much do they have to pay in taxes? (Total tax payment) e. Suppose that the government withheld $16,000 from Peter's earnings and $20,000 from Wendy's. What is the final payment (refund) due? Marginal tax rate if married, filling jointly

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