Question
Problem 1-10 The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Frank, age
Problem 1-10 The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7)
Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2018. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $24,300. Frank and Joyce do not have any dependents.
Table for the standard deduction
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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? $
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