Homework SourseTheodore age 74 and Maureen age 59 are married taxpayers wit
Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2017 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen\'s 2017 income tax return:
| a. | The number of exemptions |
| b. | The greater of the amount of their standard deduction or their itemized deductions |
| c. | Their taxable |
Solution
A) 4 Exemptions
B) Standard deductions Amount = 12,700+ 1250
= 13,950 $
The standard deduction for married couples filing jointly, the standard deduction is $12,700.
For 2017, the additional standard deductionamount for the aged or the blind is $1,250.
Greater Amount of itemized deductions = 13,950 - 7,800 = 6,150 $
C)
Taxable Income = 43,600 - 13,950 - 16,200
= 13,450 $
* Personal Exemption = 4050*4 = 16,200
Provide Feedback..............
