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 2018. Their salaries for the year amounted to $80,000 and they had interest income of $1,900. Diego and Dolores' deductions for adjusted gross income amounted to $6,100; their itemized deductions were $10,050, and they have no dependents. Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly 24,000 Married, filing separately 12,000 Head of household 18,000 Qualifying widow(er) 24,000 What is the amount of their adjusted gross income? In order to minimize taxable income, Diego and Dolores will take the standard deductionin the amount of $. What is the amount of their taxable income? $ What is their tax liability for 2018? $
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 2018. Their salaries for the year amounted to $80,000 and they had interest income of $1,900. Diego and Dolores' deductions for adjusted gross income amounted to $6,100; their itemized deductions were $10,050, and they have no dependents. Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly 24,000 Married, filing separately 12,000 Head of household 18,000 Qualifying widow(er) 24,000 What is the amount of their adjusted gross income? In order to minimize taxable income, Diego and Dolores will take the standard deductionin the amount of $. What is the amount of their taxable income? $ What is their tax liability for 2018? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 2018. Their salaries for the year amounted to $80,000 and they had interest income of $1,900. Diego and Dolores' deductions for adjusted gross income amounted to $6,100; their itemized deductions were $10,050, and they have no dependents.
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- What is the amount of their adjusted gross income?
- In order to minimize taxable income, Diego and Dolores will take the standard deductionin the amount of $.
- What is the amount of their taxable income? $
- What is their tax liability for 2018? $
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