The following information relates to two married couples:
|
Lanes |
Waynes |
|
| Salary (earned by one spouse) |
$32,000 |
$115,000 |
| Taxable interest income |
1,000 |
10,000 |
| Deductible IRA contribution |
5,500 |
0 |
| Itemized deductions |
15,000 |
15,000 |
| Exemptions |
8,100 |
8,100 |
| Withholding |
700 |
18,700 |
Compute the 2017 tax due or refund due for each couple. Assume that the itemized deductions have been reduced by the applicable floors. Ignore credits.
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