The Tax Formula for Individuals, Filing Status and TaxComputation, Personal and Dependency Exemptions, The StandardDeduction (LO 1.3, 1.5, 1.6, 1.7)
Jim (age 50) and Martha (age 49) are married with threedependent children. They file a joint return for 2015. 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.
Asked Jan. 11, 2017
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