What is your taxable income and tax liability

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Question - What is your taxable income and tax liability based on the following information?

Salaries - $120,000

Interest income - $10,000

Dividend income - $4,000

Business income - $30,000

Retirement distributions - $20,000

Business expenses - $5,000

Tax exempt interest - $15,000

Itemized deductions - $5,000

This individual is married filing jointly and has 4 dependents. Both the husband and wife are 64 years old and the children are under the age of 10. What completing your calculations, please indicate what tax year you use to calculate taxable income and tax liability.

Reference no: EM133189093

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