4. Calculating taxable income The 2019 standard deduction is $12,200 for unmarried taxpayers or married taxpayers filing separately, $24,400 for married taxpayers filing jointly, and $18,350 for taxpayers filing as head of household. Calculating Austin and Joseph's Taxable Income Austin and Joseph are a married couple filing jointly. Calculate Austin and Joseph's 2019 taxable income by filling in the worksheet. Enter adjustments and deductions as negative numbers. If your answer is zero, enter "0". • Austin and Joseph will earn $80,965 in wages this year. • Joseph contributed $3,000 to an IRA. • Austin and Joseph take the larger of their itemized deductions or the standard deduction. • They paid mortgage interest of $8,600. The loan on their home is less than $750,000. • Their state and local taxes were $9,000. • They donated $10,000 to a qualified charity. 2019 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Taxable income $ $ |$

4. Calculating taxable income The 2019 standard deduction is $12,200 for unmarried taxpayers or married taxpayers filing separately, $24,400 for married taxpayers filing jointly, and $18,350 for taxpayers filing as head of household. Calculating Austin and Joseph's Taxable Income Austin and Joseph are a married couple filing jointly. Calculate Austin and Joseph's 2019 taxable income by filling in the worksheet. Enter adjustments and deductions as negative numbers. If your answer is zero, enter "0". • Austin and Joseph will earn $80,965 in wages this year. • Joseph contributed $3,000 to an IRA. • Austin and Joseph take the larger of their itemized deductions or the standard deduction. • They paid mortgage interest of $8,600. The loan on their home is less than $750,000. • Their state and local taxes were $9,000. • They donated $10,000 to a qualified charity. 2019 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Taxable income $ $ |$

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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