Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $47,126
Question:
Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $47,126 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000, their itemized deductions were $11,576, and they claimed two exemptions on their return.
a. What is the amount of their adjusted gross income?
$
b. What is the amount of their itemized deductions or standard deduction?
$
c. What is the amount of their taxable income?
$
d. What is their tax liability for 2015?
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Related Book For
Income Tax Fundamentals 2016
ISBN: 9781337343527
34th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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