The problem is as follows: Please help Jaki Taggart determine her tax liability based on the following: salary, $69,000; wages, $42,220; capital gains, $13,580; $2,000 IRA contribution; mortgage interest, $6,050; property taxes, $2,560; charitable contributions, $550. She files as head of household and claims two exemptions.
I'm pretty sure that you have to add all of these then subtract certain values and divide it all by the number of exemptions. But when I do that- it's wrong. Am I missing a step?
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