The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard...
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Accounting
The Tax Formula for Individuals, Filing Status and Tax Computation, Define qualifying dependents, The Standard Deduction
Jim, age 50, and Martha, age 49, are married with three dependent children. They file a joint return for 2019. Their income from salaries totals $49,500, and they received $10,125 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Jim and Martha's deductions for adjusted gross income amount to $3,200, and they have itemized deductions totaling $18,200. Calculate the following amounts:
a. Gross income $
b. Adjusted gross income $
c. Itemized deduction or standard deduction amount $
d. Taxable income $
e. Income tax liability (before any credits) $
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