The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2014. Both Bob and Brenda are age 32 and have no dependents.
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability (gross tax)?
e. What is the amount of their tax due or (refund due)?
Definitions:
Average Number
A mathematical concept referring to the result obtained by dividing the sum of several quantities by their number; commonly used to describe the central tendency or typical value of a set of numbers.
Lifetime
The duration or period of time that an individual lives or a thing exists.
Sexual Activity
Behaviors associated with physical intimacy and reproduction between individuals.
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