scar 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? Oa. $110

scar 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? Oa. $110

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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Question

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?

Oa. $110,000

Ob. $93,600

Oc. $115,200

y Od. $102.000

Oe.

$140.000

Please don't provide answer in image format thank you

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