Question

Robert and Anne, a married couple filing jointly, have an adjusted gross income of $68,676. They claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. If the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?

Answer 1

Answer:

the answer is B

Explanation:

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Answer 2

The total taxable income of Robert and Anne, who file jointly as a married couple, is $53,026.

Data and Calculations:

Adjusted gross income of Robert and Anne = $68,676

Claimable Exemptions:

Charitable donations = $3,752

Mortgage interest = $3,375

City income tax = $959

Standard Exemptions:

Standard deduction for married couple = $8,350

Exemptions = $3,650 per couple

Taxable income:

Adjusted gross income  $68,676

Standard deductions         (8,350)

Exemptions                        (7,300) ($3,650 x 2)

Taxable income =         $53,026

Thus, the total taxable income of Robert and Anne, who file jointly as a married couple, is $53,026.

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