For 2014, the personal exemption amount is $3,950. The 2014 standard deduction is $6,200 for unmarried taxpayers or married taxpayers filing separately, $12,400 for married taxpayers filing jointly, and $9,100 for taxpayers filing as head of household. Calculating Jeff and Helen's Taxable Income Jeff and Helen are a married couple filing jointly. Calculate Jeff and Helen's 2014 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers Jeff and Helen will earn $60,965 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. 2014 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Subtotal Less: Exemptions Taxable income