Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including tips, performing music an working as a bartender. Katie earned $64,500 working as a nurse practitioner and contributed $15,875 to an individual retirement account. They identified itemized deductions worth a total of $32,429, exceeding the standard deduction of $24,800 for married people filing taxes jointly. Calculate Jeremy and Kate's taxable income.

Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including tips, performing music an working as a bartender. Katie earned $64,500 working as a nurse practitioner and contributed $15,875 to an individual retirement account. They identified itemized deductions worth a total of $32,429, exceeding the standard deduction of $24,800 for married people filing taxes jointly. Calculate Jeremy and Kate's 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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