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Adela and James are married and file tax returns jointly. Last year Adela earned $43,500 and James earned $42,700 in wages. Additional tax information for
Adela and James are married and file tax returns jointly. Last year Adela earned $43,500 and James earned $42,700 in wages. Additional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,250, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350 From this information, calculate their taxable income (in $)
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