The Advantage of Itemizing Taxation
Determine George and Mary's taxable income for 2011 if George has $65,000 of salary income and Mary has $45,000 of salary income and they file a joint tax return. They have two dependent children and $20,000 of
itemized deductions.
1. Refer to the information above. Determine George and Mary's income tax liability for 2011. How much tax do they save by itemizing their deductions rather than taking the standard deduction?
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Solution Preview
Please see the attached Excel 97-2003 spreadsheet.
Determine George and Mary's taxable income for 2011 if George has $65,000 of salary income and Mary has $45,000 of salary income and they file a joint tax
return. They have two dependent children and $20,000 of itemized deductions.
George's salary $65,000.00
Mary's salary 45,000.00 ...
Solution Summary
This solution illustrates the tax benefit of itemizing deductions over taking the standard deduction.