Jim and Pat are married and file jointly. In 2016, Jim earned a salary of $46,000. Pat
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Jim and Pat are married and file jointly. In 2016, 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 selfemployment 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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Related Book For
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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