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Mr. and Mrs. L had the following income items: Dividend eligible for 0% preferential rate $ 3,755 Capital gain eligible for 0% preferential rate 3,345
Mr. and Mrs. L had the following income items:
Dividend eligible for 0% preferential rate | $ | 3,755 |
Capital gain eligible for 0% preferential rate | 3,345 | |
Mrs. Ls salary | 28,800 | |
Mr. L is age 66, and Mrs. L is age 68. Their itemized deductions totaled $7,000, and they have no dependents. Compute their income tax on a joint return. Use Individual Tax Rate Schedules and Standard Deduction Table.
What is the AGI?
What is the taxable income?
What is the income tax?
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