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1) The following information is available for Jim and Stacy Gorton, a married couple filing a joint return, for 2019. Both Jim and Stacy are
1) The following information is available for Jim and Stacy Gorton, a married couple filing a joint return, for 2019. Both Jim and Stacy are age 32 and have no dependents.
Salaries Interest income Deductible business expenses Itemized deductions
$200,000 12,000 11,000 25,600
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What is the amount of their gross income?
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What is the amount of their adjusted gross income?
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What is the amount of their taxable income?
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