Problem $1-3($Algorithmic$)$ Problem $1-3($Algorithmic$)$

The Tax Formula for Individuals $($LO $1\mathrm{.}3)$

Rahul and Ruby are married taxpayers. They are both under age $65$ and in good health. For

$2023,$ they have a total of $$57,100$ in wages and $$225$ in interest income. Rahul and Ruby's

deductions for adjusted gross income amount to $$3,135$ and their itemized deductions equal

$$14,180.$ They have two children, ages $32$ and $28,$ that are married and provide support for

themselves.

Table for the standard deduction

a$.$ What is the amount of Rahul and Ruby's adjusted gross income?

$

b$.$ In order to minimize taxable income, Rahul and Ruby will

in the

amount of $

c$.$ What is their taxable income?

$ Diego, age $28,$ married Dolores, age $27,$ in $2023.$ Their salaries for the year amounted to

$$101,900$ and they had dividend income of $$1,750.$ Diego and Dolores' deductions for

adjusted gross income amounted to $$3,625,$ their itemized deductions were $$10,800,$ and

they have no dependents.

Table for the standard deduction

Click here to access the tax tables.

a$.$ What is the amount of their adjusted gross income?

$

b$.$ In order to minimize taxable income, Diego and Dolores will

in

the amount of $

c$.$ What is the amount of their taxable income?

$$

d$.$ What is their tax liability for $2023?$

$$

The Tax Formula for Individuals $($LO $1\mathrm{.}3)$

Rahul and Ruby are married taxpayers. They are both under age $65$ and in good health. For

$2023,$ they have a total of $$57,100$ in wages and $$225$ in interest income. Rahul and Ruby's

deductions for adjusted gross income amount to $$3,135$ and their itemized deductions equal

$$14,180.$ They have two children, ages $32$ and $28,$ that are married and provide support for

themselves.

Table for the standard deduction

a$.$ What is the amount of Rahul and Ruby's adjusted gross income?

$

b$.$ In order to minimize taxable income, Rahul and Ruby will

in the

amount of $

c$.$ What is their taxable income?

$