Rob and Kathryn are married and file jointly. In 2020, Rob and Kathryn realized the following items of income and expense (see detail below). Also assume that their employers withheld $39.610 of federal income tax from their paychecks. The 2020 standard deduction amount for married filing jointly is $24,800. Kathryn's salary $108,972 Rob's salary $81,390 Value of Kathryn's Health Insurance $3,130 Value of Rob's Health Insurance $7,452 Interest income from City of Bloomington Bonds $7,298 Interest income from Apple Corporation bonds $2,207 Contributions of cash to qualified charity $24,115 State income taxes paid $7,298 Local real property taxes $4,230 Net capital gain $6,425 Qualified Medical expenses $13,087 Assume that Rob and Kathryn's AGI is $100.000. Given this adjusted gross income, and the facts above, please compute their taxable income and enter it into the prompt below.

Rob and Kathryn are married and file jointly. In 2020, Rob and Kathryn realized the following items of income and expense (see detail below). Also assume that their employers withheld $39.610 of federal income tax from their paychecks. The 2020 standard deduction amount for married filing jointly is $24,800. Kathryn's salary $108,972 Rob's salary $81,390 Value of Kathryn's Health Insurance $3,130 Value of Rob's Health Insurance $7,452 Interest income from City of Bloomington Bonds $7,298 Interest income from Apple Corporation bonds $2,207 Contributions of cash to qualified charity $24,115 State income taxes paid $7,298 Local real property taxes $4,230 Net capital gain $6,425 Qualified Medical expenses $13,087 Assume that Rob and Kathryn's AGI is $100.000. Given this adjusted gross income, and the facts above, please compute their taxable income and enter it into the prompt below.

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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