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Betty, age 39, and Steve, age 50, are married with two dependent children. They file a joint return for 2018. Their income from salaries totals
Betty, age 39, and Steve, age 50, are married with two dependent children. They file a joint return for 2018. Their income from salaries totals $165,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts:
a. | Gross income |
b. | Adjusted gross income |
c. | Itemized deduction or standard deduction amount |
d. | Deduction for exemptions |
e. | Taxable income |
f. | Regular income tax liability from rate schedules |
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