The Tax Formula for Individuals (LO 1.3) Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2022, they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,950 Married, filing jointly 25, 900 Married, filing separately 12,950 Head of household 19, 400 Surviving spouse 25, 900 Question Content Area a. What is the amount of Rahul and Ruby's adjusted gross income? fill in the blank 1 of 1$ Question Content Area b. In order to minimize taxable income, Rahul and Ruby will in the amount of fill in the blank 1 of 1$. Question Content Area c. What is their taxable income? fill in the blank 1 of 1$

The Tax Formula for Individuals (LO 1.3) Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2022, they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,950 Married, filing jointly 25, 900 Married, filing separately 12,950 Head of household 19, 400 Surviving spouse 25, 900 Question Content Area a. What is the amount of Rahul and Ruby's adjusted gross income? fill in the blank 1 of 1$ Question Content Area b. In order to minimize taxable income, Rahul and Ruby will in the amount of fill in the blank 1 of 1$. Question Content Area c. What is their taxable income? fill in the blank 1 of 1$

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 2P: Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For...

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Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,000 in wages and $700 in interest in come. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. What is the amount of Jason and Mary's adjusted gross income?$____________ What is the amount of their itemized deductions or standard deduction? $____________ What is their taxable income? $____________
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