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Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2015, Ed and Jane realized
Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2015, Ed and Jane realized the following items of income and expense:
Item | Amount |
Eds Salary | $46,800 |
Janes Salary | 41,800 |
Municipal bond interest income | 815 |
Alimony paid (for AGI deduction) | (9,450) |
Qualifying interest expense (from AGI deduction) | (11,650) |
They also qualified for a $1,955 tax credit. Their employers withheld $2,650 in taxes from their paychecks (in the aggregate). Finally, the 2015 standard deduction amount is $12,600 and the 2015 exemption amount is $4,000.
what is the couple's total gross income, adjusted gross income, taxable income, and taxes due/tax refund?
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