Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $47,230
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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.
Table for the standard deduction
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a. What is the amount of their adjusted gross income?
$ _____
b. In order to minimize taxable income, Diego and Dolores will take the standard deduction in the amount of $ _____
c. What is the amount of their taxable income?
$ _____
d. What is their tax liability for 2018?
$ _____
Related Book For
Income Tax Fundamentals 2014
ISBN: 9781285424545
32nd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date: