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

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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?
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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

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