Assume a married couple, age 55, filed taxes in 2021 as “Married, filing jointly,”. They have no dependent children. They do not qualify for any text credits. They choose not to itemize deductions. They had “Adjusted Gross Income” of $190,025 in salary (detailed on their W-2’s). They also earned $100 in interest on their savings account for 2021. (There was no additional Income or dividends for the year).

1) What is their taxable income for 2021?

2) What is their tax obligation for 2021?

Answer rating: 100% (QA)

To calculate their taxable income we need to first determine their total income Their total income w... View the full answer