FREE Trial

Diego, age 28, married Dolores, age 27, in 2016. Their salaries for the year amounted to $47,230 and they had

Question:

Diego, age 28, married Dolores, age 27, in 2016. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000, their itemized deductions were $11,800, 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 2016?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 75% (4 reviews)

a 48 730 47 230 3 500 2 000 b 1…View the full answer


answer-question
Answered By
tutor-profile-image
Sumit kumar
I am an experienced online essay writer with a thorough understanding of any curriculum.and subject expert at Chegg for mathematics, CS subjects..
4.90+ 5+ Reviews 13+ Question Solved
Related Book For  answer-question
Income Tax Fundamentals 2017

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

See More Books
Question Details
Chapter # 1
Section: Problems
Problem: 6
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: July 19, 2017 10:58:53
See More Questions

Students also viewed these Accounting questions

Q:
Diego, age 28, married Dolores, age 27, in 2014. 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...
A:
a 48 079 46 479 3 500 1 900 b 1......
Q:
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...
A:
a 48 626 47 126 3 500 2 000 b 1......
Q:
Diego, age 28, married Dolores, age 27, in 2013. 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...
A:
a 48 079 46 479 3 500 1 900 b 1......
Q:
Christina is trying to save money in her bank account. She decides that she can deposit $1000 each month into the account. The account earns 2.3% interest each month. How much money will be in the...
A:
Solution Principal P 1000 rate r 20......
Q:
Two charges q 1 and q 2 have a total charge of 6C. When they are separated by 3 m, the force exerted by one charge on the other has a magnitude of 8mN. Find q 1 and q 2 if (a) Both are positive so...
A:
a Given q 1 q 2 6 C kq 1 q 2 9 8 10 3 N q 2 6 10 6 q 1 8 99 10......
Q:
White Ski Resorts operates a series of ski resorts in northern Europe and reports under IFRS. On June 30, 20X0, White purchased land for 3,000,000. White reports land values on the balance sheet...
A:
Requirement 1 Cost model 12 31 20X0 No entry 12 31 20X1 DRImpairment loss land 250 000 CR Land......
Q:
Egret Corporation, a calendar year C corporation, was formed on March 6, 2022, and opened for business on July 1, 2022. After its formation but prior to opening for business, Egret incurred the...
A:
All 41 500 of the expenditures are startup expenditures Egret ca......
Q:
Sales budget data for Paige Company are given in BE23-2. Management desires to have an ending finished goods inventory equal to 25% of the next quarters expected unit sales. Prepare a production...
A:
PAIGE COMPANY Production Budget For the Six Months Ending June 30 2017......
Q:
Read about Abraham, Isaac, Jacob, and Joseph. Which of these characters do you identify with the most and the least? Why or how so? Which of those characters is your favorite or most admired? Why?...
A:
1 Abraham Abraham is a significant figure in Judaism Christianity and Islam He s admired for his unw......
Q:
Find all LFTs whose only fixed point is 0.
A:
By comparing z 0 w......
Q:
In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held...
A:
a 52 300 53 300 1 600......
Q:
Ulysses and Penelope are married and file separate returns for 2016. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250,...
A:
Adjusted gross income 17 400 Less Itemized deductions 2 250 One exemption 4 05......
Q:
As more lanes are added to toll booths, the resistance to vehicles passing through is reduced. How is this similar to what happens when more branches are added to a parallel circuit?
A:
More branches r......
Q:
Discuss the evolution of ANN. How have biological networks contributed to the development of artificial networks? How are the two networks similar?
A:
The evolution of Artificial Neural Networks ANNs has been influenced by the study of biological neural networks and there are several key stages in this development 1940s 1950s Early Concepts ANNs wer......
Q:
The electrical power industry produces and delivers electric energy (electricity or power) to both residential and business customers, wherever and whenever they need it. Electricity can be generated...
A:
Key Environmental Concerns in the Electric Power Industry The electric power industry has several significant environmental concerns including a Greenhouse Gas Emissions The combustion of fossil fuels......
Q:
Blastrac, a self-proclaimed global leader in portable surface preparation technologies and equipment (e.g., shot blasting, grinding, polishing, scarifying, scraping, milling, and cutting equipment),...
A:
1 How did Blastrac achieve significant cost savings in reporting and information sharing Blastrac achieved significant cost savings in reporting and information sharing through the implementation of a......
Q:
Generally, student attrition at a university is defined by the number of students who do not complete a degree in that institution. It has become one of the most challenging problems for decision...
A:
Attrition is one of the most important issues in higher education for several reasons a Financial Impact When students drop out before completing their degrees universities lose tuition revenue and po......
Q:
According to the National Highway Traffic Safety Administration, over 6 million traffic accidents claim more than 41,000 lives each year in the United States. Causes of accidents and related injury...
A:
1 How does sensitivity analysis shed light on the black box i e neural networks Sensitivity analysis is a valuable technique for gaining insights into the behavior and inner workings of black box mode......
Q:
Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2017, accepting Acme's $20,000, six-month, 6% note. (a) Prepare Emil's November 1 entry, December 31 annual adjusting...
A:
a 11 1 17 Notes Receivable 20 000 Sales Revenue 20 000 12 31 17 Intere......
Q:
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
A:
Link for 100 stacked column chart is also being attached here https drive goo......
Applied Choice Analysis A Primer 1st Edition - ISBN: 0521605776 - Free Book