Income Tax Calculation Harvard Case Solution & Analysis

Adjusted Gross income = income - expenditure


Adjusted gross income 98680


Itemized deduction  
mortgage interest on primary residence6300
mortgage principle on primary residence4300
real estate taxes on primary residence3000
contribution of used furniture20000
contribution to traditional spousal IRA6500
medical exp6632
Interest on auto loan3400
Interest on loan to buy bonds2600
Total itemized deduction 52732


Adjusted gross income 98680


Taxable income 45948
Tax rate for married filing jointly 12%
Tax paid  5514
Tax refund  486

Taxable income = adjusted gross income – itemized income

Tax paid = tax rate * taxable income

Tax refund = tax paid – federal tax with held.....


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