Question
Compute the taxable income from 2016 under each of the following circumstances: A. Jim is married and files a joint return. Jim and his wife
Compute the taxable income from 2016 under each of the following circumstances:
A. Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and itemized deductions of $12,300.
B. Jim is single with no dependents. His adjusted gross income is $20,000 with itemized decuctions of $3,800.
C. Jim is a full time college student under 24 supported by his father Jim earned $2,600 from a part time job and had $500 of interest income. His itemized deductions were $600
D. JIm is married but files epartely and chlaims two dependent children, His adjusted gross income is $65,000 and he claims $8,900 of itemized deductions. JIm's wife also itemizes on her return.
E. Assume the same sitation is in (D) but Jim's itemized deductions are only $1,500
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