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 Austin and Josephs Taxable Income

Austin and Joseph are a married couple filing jointly. Calculate Austin and Josephs 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. If your answer is zero, enter "0".

Austin and Joseph will earn $90,965 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	$____________________