Business, 25.04.2020 03:51 92835304629

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 $98,900 in wages and $645 in interest income. Jason and Mary's deductions for adjusted gross income amount to $2,540 and their itemized deductions equal $8,440. They claim two exemptions for the year on their joint tax return.

Filing Status 2017 Standard Deduction
Single $6,350
Married, filing jointly 12,700
Married, filing separately 6,350
Head of household 9,350
Qualifying widow(er) 12,700

a. What is the amount of Jason and Mary's adjusted gross income?
b. In order to minimize taxable income, Jason and Mary will take the standard deduction in the amount of:
c. What is their taxable income?

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Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 201...

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