Calculate their taxable income and tax liability.

Reference no: EM13302226

The Johnsons are buying a home that has monthly mortgage payments of $3000, or $36,000 a year. Of this amount, $32,800 goes for interest and real estate property taxes. The couple has an additional $14,000 in itemized deductions. Using these numbers and Table 4-3, calculate their taxable income and tax liability.

Reference no: EM13302226

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