Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good

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Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $700 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.
a. What is the amount of Jason and Mary's adjusted gross income?
$__________________
b. What is the amount of their itemized deductions or standard deduction?
$__________________
c. What is their 2016 taxable income?
$__________________
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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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