Take a standard deduction and compute their tax, Accounting Basics

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Take a standard deduction and compute their tax

Problem: 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

City of Dallas municipal bonds 1,500

Chase Bank Interest 3,000

No-Name, Inc. bonds (not qualified dividends) 5,000

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

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Accounting Basics: Take a standard deduction and compute their tax

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Accounting Basics: Take a standard deduction and compute their tax

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