Harry, age 29, and Mary, age 32, are married and have earned income of $54,780 and...
Harry, age 29, and Mary, age 32, are married and have earned income of $54,780 and interest income of $ 450. They also have student loan interest of $2,800. They have qualified itemized deductions of $15,670. What is their taxable income for 2018? 1. 28,430 2. 28,730 3. 39,110 4. 30,780 5. 31,460
Homework Answers
b) $ 28,730
Earned Income. $ 54,780
Interest Income. $ 450
Less: Student Loan Interest Deduction. $ 2,500
Less: Standard Deduction . $ 24,000
Taxable Income. $ 28,730
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