Question
Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego
Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000; their itemized deductions were $16,000, and they have no dependents.
a. What is the amount of their adjusted gross income?
b. In order to minimize taxable income, Diego and Dolores will take (the standard deduction OR itemzed their deductions?
in the amount of?
c. What is the amount of their taxable income?
d. What is their tax liability for 2018?
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