Mr. and Mrs. Thompson, ages 68 and 65 respectively, are married, file a joint return, and have two dependents for the current year. Here is their relevant information: Salaries: $72,000 Taxable pension income: $24,000 • For AGI deductions: $2,400 . Itemized deductions: $32,500 Compute their taxable income for the current year. A. $58,900 B. $61,100 C. $63,500 D. $65,200
Mr. and Mrs. Thompson, ages 68 and 65 respectively, are married, file a joint return, and have two dependents for the current year. Here is their relevant information: Salaries: $72,000 Taxable pension income: $24,000 • For AGI deductions: $2,400 . Itemized deductions: $32,500 Compute their taxable income for the current year. A. $58,900 B. $61,100 C. $63,500 D. $65,200
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 13P
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Please provide the correct answer to this general accounting problem using accurate calculations.
Transcribed Image Text:Mr. and Mrs. Thompson, ages 68 and 65 respectively, are married, file a joint return, and
have two dependents for the current year. Here is their relevant information:
Salaries: $72,000
Taxable pension income: $24,000
•
For AGI deductions: $2,400
.
Itemized deductions: $32,500
Compute their taxable income for the current year.
A. $58,900 B. $61,100 C. $63,500 D. $65,200
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