Jim and Pat are married and file jointly. In 2014, Jim earned a salary of $46,000. Pat

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Jim and Pat are married and file jointly. In 2014, Jim earned a salary of $46,000. Pat is self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,000 to a deductible IRA.

Their itemized deductions total $13,000. Compute Parts a, b, and c without regard to self employment tax.

a. Compute their gross income.

b. Compute their adjusted gross income.

c. Compute their taxable income assuming they have a dependent daughter?

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Federal Taxation 2015 Comprehensive

ISBN: 9780133807783

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Question Posted: Oct 14, 2016 09:31 AM

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Jim and Pat are married and file jointly. In 2014, Jim earned a salary of $46,000. Pat

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a 95000 46000 49000 b Gross income 95000 Minus Business expenses 24000 IRA contribution...View the full answer

Federal Taxation 2015 Comprehensive

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