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 taxdeferred retirement plan. They claimed taxdeferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children.
Calculate Max and Jo's gross income.
Calculate Max and Jo's adjusted gross income.
Calculate Max and Jo's taxable income.
Particulars  Amount ($) 

Annual Salary (a)  96400 
Interest on Investments(b)  822 
Gross Income(a) + (b)  97222 
Tax Deferred educator Expenses (c) 
(185) 
Adjusted Gross Income (a) + (b)  (c)  97037 
() Deductions: [(i) + (ii) + (iii)] i. Contributions to Tax deferred Retirement plan  $11320 (Allowed upto $19000) ii.Standard Deduction $24400 iii.Child Tax Credits ($2000* 2) $4000 _________

(39720) 
Total Taxable Income 
57317 
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