Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230
Question:
Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores’ deductions for adjusted gross income amounted to $2,000, their itemized deductions were $16,000, and they have no dependents.
a. What is the amount of their adjusted gross income? $__________
b. What is the amount of their itemized deductions or standard deduction? $ __________
c. What is the amount of their taxable income? $ __________
d. What is their tax liability for 2018? $__________
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted: