Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.
The taxpayers are married, filing jointly, earned wages of $57,600 and $47,300, and received $3500 in taxable income from investments. They contributed a total of $8300 to tax-deferred retirement plans. The interest on
their home mortgage was $3885, they contributed $580 to charity, and they paid $2875 in state taxes.
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The gross income is $
(Simplify your answer.)
The adjusted gross income is $
(Simplify your answer.)
The taxable income is $
(Simplify your answer.)