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    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 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 ...

    Solution Summary

    Computes the tax charts for 2008 and then shows the step-by-step calculation for each of the two tax returns.