Question
Steve and Linda file a joint return each tax year. In 2022, Steve earned $100,000 in wages working full-time for a company and Linda earned
Steve and Linda file a joint return each tax year. In 2022, Steve earned $100,000 in wages working full-time for a company and Linda earned $40,000 in wages working part-time for the local school. They also generated $1,000 of interest income on municipal bonds, $1,500 of interest on corporate bonds, a $2,000 gain on sale of long-term capital asset, a $4,000 loss on sale of long-term capital asset, and a $1,500 gain on sale of short-term capital asset. Steve and Linda do not itemize on their taxes.
What is Steve and Linda's gross income? What is Steve and Linda's adjusted gross income? What is Steve and Linda's taxable income?
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