Calculate taxable income and tax due

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Jim and Sarah are married and file a joint tax return. The couple has two children that they claim dependency exemptions for. The couple has $310,000 of gross income and $76,000 of itemized deductions for 2017.

1) Calculate taxable income and tax due.

2) If Jim receives a payroll bonus of $90,000, what is his new taxable income and tax due?

Reference no: EM131859564

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