Compute the tax and the tax refund or balance due, Accounting Basics

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Compute the tax and the tax refund or balance due

Question: Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use 2023 tax law.

Use these instructions: 2023 Instruction 1040 (irs website).

Andy and Sally are married and under 50. They have no dependents.

Sally's salary (Federal withholding $3,000) 60,000

Andy's salary (Federal withholding $3,000) 45,000

Tax-exempt City of Dallas municipal bonds 1,500

Chase Bank Interest 3,000

Qualifying Ford stock dividends 5,000

Take a standard deduction and compute their tax and the tax refund or balance due.

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Accounting Basics: Compute the tax and the tax refund or balance due

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Accounting Basics: Compute the tax and the tax refund or balance due

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