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Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross...

Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of $97,651. They can claim two exemptions of $4,000 each. Their Schedule A itemized expenses are as follows: Interest on home mortgage, $11,986; Property taxes on home, $3,762; Total medical expenses, $1,345; and Charitable contributions, $900. What is their taxable income?

$81,003

$73,003

$73,903

$71,648

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Answer #1

Tanable Income statement of are as follows. Jim and Judy Particulars th Amount 10) Gross income 91,651 9000) 6 Exemption (2x4Calculation of taxable income of Jim and judy is given below

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Answer #2

the correct answer is 


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answered by: Mags
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