Jason and Mary are married taxpayers in 2015. They are both under age 65 and in good
Question:
Jason and Mary are married taxpayers in 2015. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.
a. What is the amount of Jason and Mary's adjusted gross income?
$
b. What is the amount of their itemized deductions or standard deduction?
$
c. What is their 2015 taxable income?
$
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Income Tax Fundamentals 2016
ISBN: 9781337343527
34th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
Question Posted: