In: Accounting
Mr. and Mrs. Lovejoy are married with no dependent children. Mr. Lovejoy worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Mrs. Lovejoy finished her degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2018. Use Individual Tax Rate Schedules and Standard Deduction Table.
Standard Deduction Table
Mr. Lovejoy’s salary from Smart Tech | $ | 32,000 | |
Mr. Lovejoy’s salary from Computer Associates | 142,000 | ||
Mrs. Lovejoy's salary from Smith and Weber | 15,550 | ||
Interest from savings account | 700 | ||
Itemized deductions | 9,000 | ||
Dividends eligible for 15% rate | 2,200 | ||