Question
Problem 1-9 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) Jim, age
Problem 1-9 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)
Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2018. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $18,200.
Table for the standard deduction
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If an amount is zero, enter "0".
Calculate the following amounts:
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