Question: Jason and Mary are married taxpayers in 2014 They are

Jason and Mary are married taxpayers in 2014. 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 2014 taxable income? $ ___________



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  • CreatedJuly 16, 2015
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