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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. 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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