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?

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