The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2022. Their salaries for the year amounted to $49,300 and they had dividend income of $875. Diego and Dolores' deductions for adjusted gross income amounted to $1,660; their itemized deductions were $20,175, and they have no 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 Click here to access the tax tables. a. What is the amount of their adjusted gross income? b. In order to minimize taxable income, Diego and Dolores will C. What is the amount of their taxable income? d. What is their tax liability for 2022? in the amount of $

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7)
Diego, age 28, married Dolores, age 27, in 2022. Their salaries for the year amounted to $49,300 and they had dividend income of $875. Diego and
Dolores' deductions for adjusted gross income amounted to $1,660; their itemized deductions were $20,175, and they have no 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
Click here to access the tax tables.
a. What is the amount of their adjusted gross income?
C.
19,400
25,900
b. In order to minimize taxable income, Diego and Dolores will
What is the amount of their taxable income?
d. What is their tax liability for 2022?
in the amount of $
Transcribed Image Text:The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2022. Their salaries for the year amounted to $49,300 and they had dividend income of $875. Diego and Dolores' deductions for adjusted gross income amounted to $1,660; their itemized deductions were $20,175, and they have no 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 Click here to access the tax tables. a. What is the amount of their adjusted gross income? C. 19,400 25,900 b. In order to minimize taxable income, Diego and Dolores will What is the amount of their taxable income? d. What is their tax liability for 2022? in the amount of $
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