Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230

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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? $__________

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Related Book For  answer-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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