BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tim and Eileen are married and filing their taxes jointly in Nebraska. They have individual Adjusted Gross incomes of $43, 172 and $48, 912 respectively. How much do they owe in state taxes?
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$3518.76
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$3357.14
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$2521.21
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$3518.74
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Explanation:
Detailed explanation-1: -The AGI calculation is relatively straightforward. It is equal to the total income you report that’s subject to income tax-such as earnings from your job, self-employment, dividends and interest from a bank account-minus specific deductions, or “adjustments” that you’re eligible to take.
Detailed explanation-2: -You can find your AGI on the form you used to file your last year’s return. Various versions of Form 1040 reflect the AGI amount on different lines: Line 11 on Form 1040 and 1040-SR (2020 tax year) Line 11 on Form 1040-NR (tax year 2020 form)
Detailed explanation-3: -The standard deduction amounts for 2022 are: Married Filing Jointly or Qualifying Widow(er) – $25, 900 (increase of $800)
There is 1 question to complete.