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Compute the effect of this event on their tax liability

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Reference no: EM132986574

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

Compute the effect of this event on their tax liability, assuming that their AGI was $103,000, and their taxable income before considering the new dependent was $87,400.

Compute the effect of this event on their tax liability, assuming that their AGI was $432,000, and their taxable income before considering the new dependent was $365,000.

Compute the effect of this event on their tax liability, assuming that their AGI was $850,000, and their taxable income before considering the new dependent was $734,000.

Assume the taxable year is 2020.

Reference no: EM132986574

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