Calculate their taxable income and tax, Corporate Finance

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Calculate their taxable income and tax

The Johnson's are buying a home that has monthly mortgage payments of $3,000, or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has an additional $14,000 in itemized deductions. Using these numbers and Table 4-3, calculate their taxable income and tax liability.

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Corporate Finance: Calculate their taxable income and tax

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