subject
Business, 24.09.2020 15:01 pssluke

The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7). Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2019. Their salaries for the year total $84,800 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $24,700. Frank and Joyce do not have any dependents.
Table for the standard deduction
Filing Status 2018 Standard Deduction
Single $12,000
Married, filing jointly 24,000
Married, filing separately 12,000
Head of household 18,000
Qualifying widow(er) 24,000
A. What is the amount of their adjusted gross income?
B. What is their deduction for personal exemptions?
C. What is the amount of their taxable income?

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 09:30, supremetylor29
An object that is clicked on and takes the presentation to a new targeted file is done through a
Answers: 2
image
Business, 22.06.2019 10:10, hausofharris
Karen is working on classifying all her company’s products in terms of whether they have strong or weak market share and whether this share is in a slow or growing market. what type of strategic framework is she using?
Answers: 2
image
Business, 22.06.2019 17:20, andrespeerman
States that if there is no specific employment contract saying otherwise, the employer or employee may end an employment relationship at any time, regardless of cause. rule of fair treatment due-process policy rule of law employment flexibility employment at will
Answers: 1
image
Business, 22.06.2019 23:50, chimwim8347
Keisha took the vark inventory and discovered she prefers to learn mainly through visual and kinesthetic modes. which study strategy would best match these preferences?
Answers: 1
You know the right answer?
The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, Th...

Questions in other subjects: