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Posted: August 13th, 2024

Foothill College ACCT acct067 Jim and Martha are married taxpayers with $400,000

Jim and Martha are married taxpayers with $400,000 of adjusted gross income in 2015.They are allowed two personal exemptions.What is the amount of each of their $4,000 exemption deduction after applying the phase-out for high-income taxpayers?(Show work)a.$0b.$780c.$1,040d.$3,002e.$4,000

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