Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $47,126

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Diego, age 28, married Dolores, age 27, in 2015. Their salaries for the year amounted to $47,126 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000, their itemized deductions were $11,576, 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 2015?

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Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

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

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