Question

Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and Jo's taxable income.

Answer #1

**Answer :**

Particulars |
Amount ($) |

Annual Salary (a) |
96400 |

Interest on investments (b) |
822 |

Gross Income [a + b] |
97222 |

Tax deferred eductor expenses (c) |
(185) |

Adjusted Gross Income [a + b - c] |
97037 |

(-) Deductions : [(i) + (ii) + (iii)] |
(39720) |

(i). Contritubtions to tax deferred retirement plan -
$11320 |
- |

(Allowed upto $19000) |
- |

(ii). Standard Deduction - $24400 |
- |

(iii). Child tax credits ($2000*2) -
$4000 |
- |

Total taxable income |
57317 |

Max and Jo are married, filing jointly, and earned wages of
$96,400 in 2019. They also earned $822 in interest on investments
and contributed $11,320 to a tax-deferred retirement plan. They
claimed tax-deferred educator expenses of $185 and will use their
2019 standard deduction of $24,400 rather than itemizing their
deductions. Finally, they claim $2,000 child tax credits for each
of their two children.
Calculate Max and Jo's gross income.
Calculate Max and Jo's adjusted gross income.
Calculate Max and...

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