Jim and Martha are married taxpayers with $404,000 of adjusted gross income in 2016. They are allowed
Question:
Jim and Martha are married taxpayers with $404,000 of adjusted gross income in 2016. They are allowed two personal exemptions. What is the amount of each of their $4,050 exemption deductions after applying the phase-out for high-income taxpayers?
a. $0
b. $972
c. $1,040
d. $3,002
e. $4,000
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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