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Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2022. Their salaries for the year total $85,400 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $25,200 Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Standard Deduction $12,950 25,900 12,950 19,400 25,900 If an amount is zero, enter "0". a. What is the amount of their adjusted gross income? 89,400 b. What is their deduction for personal exemptions? 0 c. What is the amount of their taxable income? 64,200

Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2022. Their salaries for the year total $85,400 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $25,200 Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Standard Deduction $12,950 25,900 12,950 19,400 25,900 If an amount is zero, enter "0". a. What is the amount of their adjusted gross income? 89,400 b. What is their deduction for personal exemptions? 0 c. What is the amount of their taxable income? 64,200

FINANCIAL ACCOUNTING
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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Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2022. Their salaries for the year total $85,400 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $25,200. Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Standard Deduction If an amount is zero, enter "0". $12,950 25,900 12,950 19,400 25,900 a. What is the amount of their adjusted gross income? $ 89,400 b. What is their deduction for personal exemptions? $ 0 c. What is the amount of their taxable income? 64,200
Transcribed Image Text:Problem 1-11 The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.7) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2022. Their salaries for the year total $85,400 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $25,200. Jackson and Peggy do not have any dependents. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Standard Deduction If an amount is zero, enter "0". $12,950 25,900 12,950 19,400 25,900 a. What is the amount of their adjusted gross income? $ 89,400 b. What is their deduction for personal exemptions? $ 0 c. What is the amount of their taxable income? 64,200
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