Question
Chandler and Monica file their taxes Married Filing Jointly Each earns $52,000 after employee deductions (Box 1 income is $52,000 each) They earn bank interest
Chandler and Monica file their taxes Married Filing Jointly
Each earns $52,000 after employee deductions (Box 1 income is $52,000 each)
They earn bank interest of $1,000 in their joint account.
Each contributes $6,000 to a Roth IRA
Monica adds $2,000 to her HSA account each year. Chandler does not have an HSA option. The maximum allowed Monica can contribute is $7,000.
Total of itemized deductions is $18,000. Their standard deduction is $24,400.
They have no income adjustments
- What is their Adjusted Gross Income?
- What is their Taxable Income?
- What are some things they could they do to reduce their taxes for this year?
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Project Management Accounting Budgeting Tracking And Reporting Costs And Profitability
Authors: Kevin R. Callahan, Gary S. Stetz, Lynn M. Brooks
1st Edition
0470044691, 978-0470044698
