Question: Megan and Grant are married and earned a joint income of $ 7 9 , 0 0 0 in 2 0 2 0 . They

Megan and Grant are married and earned a joint income of $79,000 in 2020. They paid a total of $11,850 in 2020 for benefits, such as their health insurance coverage and retirement plan contributions. They paid $4,203 in state and local taxes, paid $3,926 in property taxes, paid $8,435 in mortgage interest, and donated $1,000 to charity in 2020. They have no other tax deductible expenses and no other special adjustments to their taxable income. Find their taxable income for 2020.
Note: The 2020 standard deduction for a married couple filing jointly is $24,800.
 Megan and Grant are married and earned a joint income of

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!