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Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of ...

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Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of ...

Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of $97,651. Their Schedule A itemized expenses are as follows: interest on home mortgage, $11,986; property taxes on home, $7,300; state income taxes, $3,880; and charitable contributions, $1,500. What is their taxable income, given the following standard deductions?

Standard deduction
Married/joint: $24,400
Single: $12,200
Head of household: $18,350
Married/separate: $12,200
Dependent: $1,000

▸ $73,251

▸ $72,985

▸ $74,485

▸ $74,971

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Personal Finance

Edition: 2^nd

Author: Bajtelsmit

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Thanks for your help!!

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This helped my grade so much Perfect

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