Question

Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...

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.

Homework Answers

Answer #1
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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