Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld. 1. What is their gross income? Show how to calculate this 2. What is their adjusted gross income? Show how to calculate this
Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld. 1. What is their gross income? Show how to calculate this 2. What is their adjusted gross income? Show how to calculate this
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld.
1. What is their gross income? Show how to calculate this
2. What is their adjusted gross income? Show how to calculate this
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