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Compute the effect of this event on their tax liability

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Question - Mr. and Mrs. Palio celebrated the birth of their third child on November 18.

1. Compute the effect of this event on their tax liability, assuming that their AGI was $99,600, and their taxable income before considering the new dependent was $79,500.

2. Compute the effect of this event on their tax liability, assuming that their AGI was $415,000, and their taxable income before considering the new dependent was $348,000.

3. Compute the effect of this event on their tax liability, assuming that their AGI was $833,000, and their taxable income before considering the new dependent was $717,000.

Assume the taxable year is 2020.

Reference no: EM132620915

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