Question
In: Finance
Alana and Jose are married and claim 2 exemptions. Last year Alana earned $32,400 and Jose...
Alana and Jose are married and claim 2 exemptions. Last year Alana earned $32,400 and Jose earned $28,600 in wages. Additional tax information for the year is as follows: Interest earned: $2,800; alimony paid: $5,900; contributions to IRA retirement fund: $2,300; state and local income taxes paid: $6,200; contributions to charity: $2,700. Find the taxable income if they file a joint return.
(ps. Standard Deduction in 2018 for MFJ or QW with dependent is $24,000; for S or MFS is $12,000; for HoH is $18,000)
Solutions
Expert Solution
| Particulars | Amount | Amount |
| Gross income: | ||
| Salary | $ 61,000 | |
| Interest | $ 2,800 | |
| Gross income | $ 63,800 | |
| For AGI deductions 5900+2300 | $ 8,200 | |
| Adjusted gross income | $ 55,600 | |
| Less: | ||
| Standard deduction | $ 24,000 | |
| Itemized deduction 6200+2700 | $ 8,900 | |
| Higher of the two | $ 24,000 | |
| Taxable income | $ 31,600 |
Taxable income is $31,600
Please rate.
jeff jeffy answered 1 year agoRelated Solutions
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