Jim (age 50) and Martha (age 49) are married with threedependent children. They file a joint return for 2016. Their incomefrom salaries totals $49,500, and they received $10,125 in taxableinterest, $5,000 in royalties, and $3,000 in other ordinary income.Jim and Martha’s deductions for adjusted gross income amount to$3,200, and they have itemized deductions totaling $13,200. Tablefor the standard deduction Filing Status 2016 Standard DeductionSingle $ 6,300 Married, filing jointly 12,600 Married, filingseparately 6,300 Head of household 9,300 Qualifying widow(er)12,600
Calculate the following amounts:
a. Gross income $
b. Adjusted gross income $
c. Itemized deduction or standard deduction amount $
d. Number of exemptions
e. Taxable income $
f. Income tax liability $
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
