Calculate the family federally taxable income

Reference no: EM131011208

The Lindscomb family had the following income in 2006:

Salaries	Mark	$63,500
	Ashley	57,900

Interest on investments

IBM bonds	$4,750
New York City bond	1,400
Savings account	2,600

The family made home mortgage payments that included interest of $16,480, and paid real estate (property) tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. The Lindscombs have three dependent children.

a. Calculate the family's federally taxable income.

b. What is their tax liability assuming they file jointly as a married couple?

c. What are their average and marginal tax rates?

Reference no: EM131011208

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