Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including tips, performing music an working as a bartender. Katie earned $64,500 working as a nurse practitioner and contributed $15,875 to an individual retirement account. They identified itemized deductions worth a total of $32,429, exceeding the standard deduction of $24,800 for married people filing taxes jointly. Calculate Jeremy and Kate's taxable income.

Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including tips, performing music an working as a bartender. Katie earned $64,500 working as a nurse practitioner and contributed $15,875 to an individual retirement account. They identified itemized deductions worth a total of $32,429, exceeding the standard deduction of $24,800 for married people filing taxes jointly. Calculate Jeremy and Kate's taxable income.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 26CE

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