Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for
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Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2018. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $24,300. Frank and Joyce do not have any dependents.
a. What is the amount of their adjusted gross income? $ ___________
b. What is their deduction for personal exemptions? $ ___________
c. What is the amount of their taxable income? $___________
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Related Book For 
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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