Question
Taxes, Contributions, Phase-Out of Itemized Deductions And Exemptions for High-Income Taxpayers Steve and Sue are married with three dependent children. Their 2017 joint income tax
Taxes, Contributions, Phase-Out of Itemized Deductions And Exemptions for High-Income Taxpayers
Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions.
Calculate the following amounts:
In your computations, round any percentage up the nearest whole percent. If required, round your answers to the nearest dollar.
a. Allowable itemized or standard deduction amount $
b.Allowable exemptions deduction amount $
c.Taxable income $
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