Question: Frank age 35 and Joyce age 34 are married and

Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2014. Their salaries for the year total $83,000 and they have taxable interest income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $12,500. Frank and Joyce do not have any dependents.
a. What is the amount of their adjusted gross income? $_______________
b. What is their deduction for personal exemptions? $_______________
c. What is the amount of their taxable income? $_______________

View Solution:

Sale on SolutionInn
  • CreatedJuly 16, 2015
  • Files Included
Post your question