Steve and Sue are married with three dependent children. Their 2016 joint income tax return shows $389,000

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Steve and Sue are married with three dependent children. Their 2016 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions. Calculate the following amounts:
a. Itemized deduction or standard deduction amount $__________________
b. Number of exemptions and total deduction amount $__________________
c. 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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