The following information relates to two married couples Cli

The following information relates to two married couples (Click the icon to view the information.) Read the requirement Click the icon to view the 2017 tax rate schedule for the Married filing jointly filing status.) Click the icon to view the standard deduction and personal and dependency exemption amounts.) Begin by computing taxable income for each couple. (Complete all answer boxes. Enter \"O for accounts with a zero balance.) Roberts Bennetts More Info Gross income Gross income Standard deduction Minus Roberts Bennetts 30,000 S 900 5,500 14,500 8,100 1,500 110,000 Itemized deductions IRA contribution Minus Salary (earned by one spouse S Taxable interest income Deductible IRA contribution Itemized deductions Exemptions Withholding 9,600 14,500 8,100 20,000 Standard deduction Adjusted gross income Taxable income Print Done Choose from any list or enter any number in the input fields and then click Check Answer

Solution

Roberts Bennetts Salary        30,000        1,10,000 Taxable interest income             900             9,600 Gross income        30,900        1,19,600 Minus: IRA contribution          5,500                    -   Adjusted gross income        25,400        1,19,600 Minus: Itemised deduction        14,500           14,500 Exemptions          8,100             8,100 Taxable income          2,800           97,000