determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of $55,000. They had an adjustment of $800 and tax credits of $4000. They give you an itemized list of their deductions that include mortgage interest of $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450. 1.) What is Jake and Anna Green’s adjusted gross income? 2.) What is Jake and Anna Green’s taxable income? Unmarried,divorced, orlegally separatedMarried and eachpartner files aseparate tax returnMarried and bothpartners file asingle tax returnUnmarried and paying morethan half the cost ofsupporting a child or parentMarried FilingSeparatelyMarriedHead ofTax RateSingleFiling JointlyHousehold10%up to $8025up to $8025up to $16,050up to $11,45015%$8026 to $32,550$8026 to $32,550$16,051 to $65,100$11,451 to $43,65025%$32,551 to $78,850$32,551 to $65,725$65,101 to $131,450$43,651 to $112,65028%$78,851 to $164,550$65,726 to $100,150$131,451 to $200,300$112,651 to $182,40033%$164,551 to $357,700$100,151 to $178,850$200,301 to $357,700$182,401 to $357,70035%more than $357,700more than $178,850more than $357,700more than $357,700StandardDeduction$5450$5450$10,900$8000Exemptions(per person)$3500$3500$3500$3500

An important financial word that is used in the context of figuring out income taxes is adjusted…

Answered: 1.) What is Jake and Anna Green’s…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of $55,000.

They had an adjustment of $800 and tax credits of $4000. They give you an itemized list of their deductions that include mortgage interest of $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450.

1.) What is Jake and Anna Green’s adjusted gross income?

2.) What is Jake and Anna Green’s taxable income?