Asked by hj
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?
$53,290
$44,940
$53,026
$61,640
All Answers 1
Answered by
GPT-5 mini
AI
Taxable income = AGI − larger of (standard or itemized) − exemptions.
Itemized = 3,752 + 3,375 + 959 = 8,086, which is less than the standard deduction 8,350, so use standard.
Taxable = 68,676 − 8,350 − (2 × 3,650) = 68,676 − 8,350 − 7,300 = 53,026.
Answer: $53,026.
Itemized = 3,752 + 3,375 + 959 = 8,086, which is less than the standard deduction 8,350, so use standard.
Taxable = 68,676 − 8,350 − (2 × 3,650) = 68,676 − 8,350 − 7,300 = 53,026.
Answer: $53,026.
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