Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for

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Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2012. Their salaries for the year total $83,000 and they have taxable interest income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $12,000. Frank and Joyce do not have any dependents.
a. What is the amount of their adjusted gross income? $__________
b. What is their deduction for personal exemptions? $__________
c. What is the amount of their taxable income? $__________
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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

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

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