Jake and Christina Are Married and File a Joint Return

question 104

Multiple Choice

Jake and Christina are married and file a joint return for 2019 with taxable income of $100,000 and tax preferences and adjustments of $30,000 for AMT purposes.Their regular tax liability is $13,717.What is the amount of their total tax liability?

• A)$4,758
• B)$15,158
• C)$13,717
• D)$18,475

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Definitions:

Demand Function

A mathematical expression representing the relationship between the quantity demanded of a good and its influencing factors like price, income, and preferences.

Supply Function

A mathematical representation of the relationship between the quantity of a good or service that producers are willing to sell and the price of that good or service.

Equilibrium Price

The price point in the market where the amount of goods being offered matches the amount of goods consumers want to buy.

Inverse Demand Function

A mathematical function showing the relationship between the price of a good and the quantity demanded, illustrating how price can be determined as a function of quantity.