4. Calculating taxable income For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating George and Deon's Taxable income George and Deon are a married couple filing jointly. Calculate George and Deon's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. If your answer is zero, enter "o". George and Deon will earn $80,965 in wages this year. They estimate dividend and Interest income at $800. They had carpool income of $600. They use the standard deduction. They donated $1,000 to charity They are entitled to two exemptions. 2016 Taxable Income Gross income $ Less: Adjustments to income Adjusted gross income $ Less: Deductions Subtotal $ Less: Exemptions Taxable income $