Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This year, they had the following tax information. Jamar's salary $ 60,000 Jennifer's Qualified Business Income from sole proprietorship 95,000 Dividend income 2,800 Deduction for self-employment tax 6,712 Itemized deductions 19,200 Compute adjusted gross income (AGI) and taxable income. Multiple Choice A. AGI $157,800; taxable income $124,188. B. AGI $157,800; taxable income $130,900. C. AGI $151,088; taxable income $89,888. D. AGI $151,088; taxable income $107,688.
Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This year, they had the following tax information. Jamar's salary $ 60,000 Jennifer's Qualified Business Income from sole proprietorship 95,000 Dividend income 2,800 Deduction for self-employment tax 6,712 Itemized deductions 19,200 Compute adjusted gross income (AGI) and taxable income. Multiple Choice A. AGI $157,800; taxable income $124,188. B. AGI $157,800; taxable income $130,900. C. AGI $151,088; taxable income $89,888. D. AGI $151,088; taxable income $107,688.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This year, they had the following tax information. Jamar's salary $ 60,000 Jennifer's Qualified Business
Income from sole proprietorship 95,000 Dividend income 2,800 Deduction for self-employment tax 6,712 Itemized deductions 19,200 Compute adjusted gross income (AGI) and taxable income.
Multiple Choice
A. AGI $157,800; taxable income $124,188.
B. AGI $157,800; taxable income $130,900.
C. AGI $151,088; taxable income $89,888.
D. AGI $151,088; taxable income $107,688.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3a0bf520-d031-4536-8ee7-77ee64708730%2F00916ae3-21bf-48eb-857a-8ee46775863b%2F16y6sxk_processed.png&w=3840&q=75)
Transcribed Image Text:Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This year, they had the following tax information. Jamar's salary $ 60,000 Jennifer's Qualified Business
Income from sole proprietorship 95,000 Dividend income 2,800 Deduction for self-employment tax 6,712 Itemized deductions 19,200 Compute adjusted gross income (AGI) and taxable income.
Multiple Choice
A. AGI $157,800; taxable income $124,188.
B. AGI $157,800; taxable income $130,900.
C. AGI $151,088; taxable income $89,888.
D. AGI $151,088; taxable income $107,688.
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