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Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2021. Their salaries for the year total $85,400
Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2021. Their salaries for the year total $85,400 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $25,200. Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 If an amount is zero, enter "0". a. What is the amount of their adjusted gross income? b. What is their deduction for personal exemptions? c. What is the amount of their taxable income? and Ruby's deductions for adjusted gross income amount to $2,625 and their itemized deductions equal $16,640. They claim two exemptions for the year on their joint tax return. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Mamed, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,1001 a. What is the amount of Rahul and Ruby's adjusted gross income? 128,910 b. In order to minimize taxable income, Rahul and Ruby will take the standard deduction in the amount of s 25,100 Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 a. What is the amount of Rahul and Ruby's adjusted gross income? 128,910 b. In order to minimize taxable income, Rahul and Ruby will take the standard deduction in the amount of $ 25,100 Feedback Check My Work Correct c. What is their taxable income? 103,810 X Which of the following taxpayers is not eligible for an economic impact payment in 20217 Oa. Ava, a married taxpayer that had a child in 2021. Her joint AGI in 2021 was $76,000. Ob. Kaylee, a 24-year old single individual (not a dependent) who did not file a tax return in either 2019 or 2020 as her income was below the filing threshold. c. Savannah, a married taxpayer with no children, and has AGI of $75,000 in 2021. Od. Blake, a single taxpayer with income of $12,000 and is claimed as a dependent
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