Business, 16.10.2020 04:01 KassandraVillegas
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household.
Calculating Sarah and Helen’s Taxable Income
Sarah and Helen are a married couple filing jointly. Calculate Sarah and Helen’s 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers.
• Sarah and Helen will earn $70,965 in wages this year.
• Helen contributed $4,000 to an IRA.
• They itemize deductions.
• They paid mortgage interest of $8,600.
• Their state and local taxes were $2,560.
• They are entitled to two exemptions.
• They donated $1,500 to charity.
2016 Taxable Income
Gross income
Less: Adjustments to income
Adjusted gross income
Less: Deductions
Subtotal
Less: Exemptions
Taxable income
Answers: 1
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For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarri...
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