Ralph and Betty Ingram are married and have one child. Ralph is putting together some figures so

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Ralph and Betty Ingram are married and have one child. Ralph is putting together some figures so that he can prepare the Ingram’s joint 2008 tax return. He can claim three personal exemptions (including himself). So far, he’s been able to determine the following with regard to income and possible deductions: 

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Given this information, how much taxable income will the Ingrams have in 2008? (Assume that Ralph is covered by a pension plan where he works, the standard deduction of $10,900 for married filing jointly applies, and each exemption claimed is worth $3,500.)

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Personal Financial Planning

ISBN: 9781439044476

12th Edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

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