Compute their federal income tax liability

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Question - Willie and Wilma are both retired and over age 65. They have interest income of $7,200 from savings accounts and CDs. They also have tax-exempt interest of $6,000. Their social security benefits received during the year were $7,000 and $8,400 respectively. Willie receives an annuity of $350 per month which he began receiving two years ago. Willie is permitted to exclude 24% of the annuity payments for income tax purposes. In addition, Willie receives a fully taxable pension of $12,000. Willie and Wilma will t return for 2016. Their itemized deductions are $6,100 and they have no dependents.

Compute their 2016 federal income tax liability, if any.

Reference no: EM132218645

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