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Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego
Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $1,900, their itemized deductions were $10,172, and they claimed two exemptions on their return.
a. What is the amount of their adjusted gross income? $___________
b. What is the amount of their itemized deductions or standard deduction? $___________
c. What is the amount of their taxable income? $___________
d. What is their tax liability for 2012? $___________
a. What is the amount of their adjusted gross income? $___________
b. What is the amount of their itemized deductions or standard deduction? $___________
c. What is the amount of their taxable income? $___________
d. What is their tax liability for 2012? $___________
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