Chandler and Monica file their taxes Married Filing Jointly

Each earns $52,000 after employee deductions (Box 1 income is $52,000 each)

They earn bank interest of $1,000 in their joint account.

 

 

Each contributes $6,000 to a Roth IRA

Monica adds $2,000 to her HSA account each year. Chandler does not have an HSA option.   

The maximum allowed Monica can contribute is $7,000.

Total of itemized deductions is $18,000.

Their standard deduction is $24,400.

They have no income adjustments

  

What is their Adjusted Gross Income?

What is their Taxable Income?

What are some things they could they do to reduce their taxes for this year?

Answer rating: 100% (QA)

Lets calculate Chandler and Monicas Adjusted Gross Income AGI and Taxable Income based on the provid... View the full answer