Their salaries for the year total $84,600 and they have taxable interest income of $3,900

/in /by

Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2016. Their salaries for the year total $84,600 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $12,700. Frank and Joyce do not have any dependents. 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? ………………… $ ________________ View Solution:
Frank age 35 and Joyce age 34 are married and