Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rob and Kathryn are married and file jointly. In 2020, Rob and Kathryn realized the following items of income and expense (see detail below).
Rob and Kathryn are married and file jointly. In 2020, Rob and Kathryn realized the following items of income and expense (see detail below). Also assume that their employers withheld $39,610 of federal income tax from their paychecks. The 2020 standard deduction amount for married filing jointly is $24,800. Kathryn's salary $108,972 Rob's salary $81,390 Value of Kathryn's Health Insurance $3,130 Value of Rob's Health Insurance $7,452 Interest income from City of Bloomington Bonds $7,298 Interest income from Apple Corporation bonds $2,207 Contributions of cash to qualified charity $24,115 State income taxes paid $7,298 Local real property taxes $4,230 Net capital gain $6,425 Qualified Medical expenses $13,087 Assume that Rob and Kathryn's AGI is $100,000. Given this adjusted gross income, and the facts above, please compute their taxable income and enter it into the prompt below. You Answered 9,710 Correct Answer 60,298 margin of error +/- 1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started