Question
Consider the listed dollar amounts to answer the foure related questions. Monica and Nathan (both age 35 as of Dec 31, 2015; neither is blind)
Consider the listed dollar amounts to answer the foure related questions. Monica and Nathan (both age 35 as of Dec 31, 2015; neither is blind) work and live in Blanco, Texas. Monica is a county attorney (employee) with an annual salary of $110,000. Nathan is a brewery marketing manager who earned total wages of $60,000 during the year. They also earned $1,000 interest on City of Arkon, Ohio bonds during the year. Assume they have no dependents, file married joint, and take the standard deduction. 42. What is their income subject to taxation (gross income) for 2015? a. $150,500 b. $171,000 c. $173,950 d. $ 151,000 e. none of these 43. What is their taxable income for 2015? a. $ 159,000 b. $149,400 c. $143,950 d. $150,100 e. none of these 44. What is the total amount of exemptions for 2015? a. $7,600 b. 8,000 c. 19,500 d. none of these
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started