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Quentin and Rachel are married and file a joint return. They both turned 67 years old in 2023. Their 2023 income consisted of the following:

Quentin and Rachel are married and file a joint return. They both turned 67 years old in 2023. Their 2023 income consisted of the following:

Taxable private pensions $35,000

Interest on corporate bonds 8,000

Interest on Pennsylvania highway bonds 1,000

Social Security benefits 14,000

They do not itemize their deductions.

  1. How much private pension income is included in their 2023 gross income?
  2. How much interest income is included in their 2023 gross income?
  3. How much Social Security income is included in their 2023 gross income?
  4. What is their 2023 adjusted gross income?
  5. What is their 2023 standard deduction?
  6. What is their 2023 taxable income?
  7. What is their 2023 income tax?

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