Jason and Mary are married taxpayers in 2013. They are both under age 65 and in good

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Jason and Mary are married taxpayers in 2013. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.
a. What is the amount of Jason and Mary's adjusted gross income? $____________
b. What is the amount of their itemized deductions or standard deduction? $____________
c. What is their 2013 taxable income? $____________
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Related Book For  answer-question

Income Tax Fundamentals 2014

ISBN: 9781285424545

32nd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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