1. Joe and Jane are married taxpayers who file a joint return. They have itemized deductions of $11,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2008?
2. Compute Marie's taxable income for 2008, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000 and she has itemized deductions of $9,000.© BrainMass Inc. brainmass.com June 3, 2020, 10:43 pm ad1c9bdddf
First, the charts for 2008:
Head of Household: $8,000
Married Filing Joint: $10,900
Per taxpayer and dependent: $3,500
1. Adjusted ...
Computes the tax charts for 2008 and then shows the step-by-step calculation for each of the two tax returns.