Jason and Mary are married taxpayers in 2016. They are both under age 65 and...
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Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $700 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return. a. What is the amount of Jason and Mary's adjusted gross income? $___________ b. What is the amount of their itemized deductions or standard deduction? $______________ c. What is their 2016 taxable income? $________________
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