Compute 2008 taxable income for Joe and Jane, and Marie
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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.
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Solution Summary
Computes the tax charts for 2008 and then shows the step-by-step calculation for each of the two tax returns.
Solution Preview
First, the charts for 2008:
Standard Deduction
Single: $5,450
Head of Household: $8,000
Married Filing Joint: $10,900
Personal Exemption
Per taxpayer and dependent: $3,500
1. Adjusted ...
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