The family had the following income in 2009: Salaries Mark $63,500 and Ashley $5

Question

The family had the following income in 2009: Salaries Mark $63,500 and Ashley $57,900 Interest on investments: IBM bond $4,750, New York City bond $1,400 and saving account of $2,600 The family made home mortage payment that included interest of $16,480 and paid real estate tax of $4,320 on their home. They also paid state income tax of $5,860 and donated $1,250 to charities. The family have 3 dependent children. a) Calculate the family federal taxable income b) What is their tax liabiltity assuming they file as a married couple c) Calculate their average and calculate marginal tax rate.

Explanation / Answer

http://www.google.co.in/url?sa=t&rct=j&q=he+family+had+the+following+income+in+2009%3A+Salaries+Mark+%2463%2C500+and+Ashley+%2457%2C900+Interest+on+investments%3A+IBM+bond+%244%2C750%2C+New+York+City+bond+%241%2C400+and+saving+account+of+%242%2C600+The+family+made+home+mortage+payment+that+&source=web&cd=1&cad=rja&ved=0CDUQFjAA&url=http%3A%2F%2Fwww.studentoffortune.com%2Fquestion%2F984574%2FPlease-help-me-with-Practical-Financial-Management-problems%2F1593105-Assignment%25201_SOFortune.docx&ei=29EGUe2HHcLQrQeJnIGwDA&usg=AFQjCNFdK6b8IYyZpQYBkocNj4JpE1oCeQ&bvm=bv.41524429,d.bmk http://homework-solutions-mastermind.blogspot.in/2011/04/practical-financial-management.html

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