The Following Information Is Available for Bob and Brenda Horton

question 117

Essay

The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2016. Both Bob and Brenda are age 32 and have no dependents.
$\begin{array}{ll}\text { Salaries } & \$ 190,000 \\\text { Interest income } & 12,000 \\\text { Deductible IRA contributions } & 11,000 \\\text { Itemized deductions } & 22,600\end{array}$ Withholding $\quad$$\quad$ 33,000 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)?

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Definitions:

Endocytosis

A cellular process where a cell engulfs solid particles or liquids into a pouch which then becomes a vesicle.

Exocytosis

A cellular process in which intracellular vesicles fuse with the plasma membrane to release their contents outside the cell.

Adhesion Junctions

Specialized structures in cells that help in the binding of cells with each other or with the extracellular matrix.

Gap Junctions

Specialized intercellular connections that facilitate the direct transfer of ions and small molecules between the cytoplasms of adjacent cells.