4. Calculating taxable income The 2019 standard deduction is $12,200 for unmarried taxpayers or married taxpayers filing separately, $24,400 for married taxpayers filing jointly, and $18,350 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 2019 taxable income by filling in the worksheet. Enter adjustments and deductions as negative numbers. If your answer is zero, enter "0". George and Deon will earn $70,965 in wages this year. Deon contributed $3,000 to an IRA. George and Deon take the larger of their itemized deductions or the standard deduction. They paid mortgage interest of $8,600. The loan on their home less than $750,000. Their state and local taxes were $9,000. . They donated $10,000 to a qualified charity. George and Deon will earn $70,965 in wages this year. Deon contributed $3,000 to an IRA. George and Deon take the larger of their itemized deductions or the standard deduction. . They paid mortgage interest of $8,600. The loan on their home is less than $750,000. Their state and local taxes were $9,000. They donated $10,000 to a qualified charity. 2019 Taxable Income Gross income $ Less: Adjustments to income Adjusted gross income $ Less: Deductions Taxable income What are tax credits? Your adjustments and deductions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable or nonrefundable tax credits. A tax credit that can reduce your tax liability to zero, but if the credit is more than the tax liability, the excess is not returned to you is Schedule 3 of tax Form 1040 titled, "Additional Credits and Payments" lists nonrefundable and refundable tax credits. Select the nonrefundable tax credits listed on Form 1040 and Schedule 3, Part I. Check all that apply. Residential energy tax credit Child and dependent care credit Charitable contributions tax credit Foreign tax credit Retirement savings contribution credit Schedule 3 of tax Form 1040 titled, "Additional Credits and Payments" lists nonrefundable and refundable tax credits. Select the refundable tax credits listed on Form 1040 and Schedule 3, Part II. Check all that apply. Schedule 3 of tax Form 1040 titled, "Additional Credits and Payments" lists nonrefundable and refundable tax credits. Select the refundable tax credits listed on Form 1040 and Schedule 3, Part II. Check all that apply. Net premium tax credit O Earned income tax credit Student loan interest tax credit O Additional child tax credit O Credit for federal tax on fuels