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Aubrey and Justin file married filing separately. This year, Aubrey earned salary of $130,000, and Justin earned salary of $88,000. Aubrey and Justin live in a community property state. How much income earned will Justin report on his tax return for this year?
Chapter 13
A type of bankruptcy that involves a reorganization of a debtor's finances under a court-approved plan to repay creditors over time, usually three to five years.
Regular Income
Consistent earnings received by an individual or entity, typically through employment, investments, or business operations.
Installment Plans
Payment methods that allow customers to purchase goods by making a series of payments over time.
Repayment Plans
Agreed upon schedules between lenders and borrowers that outline how a debt will be paid back over time, often including interest rates and payment amounts.
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