Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2021 income tax return? a.$110,000 b.$140,000 c.$115,200 d.$93,600
Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2021 income tax return? a.$110,000 b.$140,000 c.$115,200 d.$93,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Oscar and Mary have no dependents and file a joint income tax return for 2021. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2021 income tax return?
a.$110,000
b.$140,000
c.$115,200
d.$93,600
e.$102,000
2. Taxpayers who are blind get the benefit of:
a.An additional amount added to their standard deduction.
b.Two standard deductions.
c.An extra exemption.
d.None of these choices are correct.
3. An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as:
a.Single
b.Head of household
c.Married, filing separately
d.Qualifying widow(er)
e.None of these choices are correct.
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