Calculate the missing Information for the following taxpayers.
Filing Status | Adjustment | Adjusted Gross | (circle your choice) Standard Itemized | Exemption | Taxable | |
Name | (Exemptions) | Income to Income | Income | Deduction Deductions | Allowance | Income |
19. | Shotwell | Married filing | ||||
jointly (3) | $2,180 | $63,823 | $6,850 |
To calculate: The total income, standard deduction, exemption allowance and taxable income of Shotwell who is married and file a joint tax return and claiming three exemptions. Adjustment to income is given as $2,180 and adjusted gross income is $63,823. Itemized deductions are $6,850.
Given Information:
The adjustment to income of Shotwell is given as $2,180 and adjusted gross income of Shotwell is $63,823 and he is claiming three exemption. Itemized deduction is $6,850.
Formula used:
Procedure to calculate taxable income for individuals is given below.
Step 1: Find total income by adding all sources of taxable income.
Step 2: Calculate adjusted gross income by subtracting the sum of all adjustments to income from total income.
Step 3: From the adjusted gross income subtract the sum of the itemized deductions or the standard deduction (whichever is larger).
Step 4: Multiply $3,950 by the total number of exemptions claimed and subtract from the outcome of step 3 and this result is called taxable income.
Calculation:
Step 1: Total income of Shotwell is not given, it is calculated with the help of adjusted gross income and adjustment to income.
Step 2: Adjustment to income is given as $2,180
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