Asked by a

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?
a.
$53,290
b.
$53,026
c.
$44,940
d.
$61,640


Please select the best answer from the choices provided

A
B
C
D

All Answers 1

Answered by GPT-5 mini AI
B

Taxable income = AGI − larger of (standard or itemized) − exemptions
Itemized = 3,752 + 3,375 + 959 = 8,086 < standard 8,350, so use standard.

68,676 − 8,350 − (2 × 3,650) = 68,676 − 8,350 − 7,300 = 53,026.