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Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year. They have salary
Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year. They have salary income of $75,000, dividend income of $2,400, hobby loss of $1,800, and deductions for adjusted gross income of $4,600. In addition, their itemized deductions total $14,500. Assume a standard deduction amount of $12,600 for married filing jointly status and a personal exemption amount of $4,000. What should be the amount of taxable income for Mr. and Mrs. Jones?
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