Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions.  They also had $3600  in tax credits and  $26,540 withheld. 1. What is their gross income? Show how to calculate this 2. What is their adjusted gross income?  Show how to calculate this

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
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  1. Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions.  They also had $3600  in tax credits and  $26,540 withheld.

1. What is their gross income? Show how to calculate this

2. What is their adjusted gross income?  Show how to calculate this 

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