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Jason and Mary are married taxpayers in 2018. They are both under age 65 and in...

Jason and Mary are married taxpayers in 2018. They are both under age 65 and in good health. For 2018 they have a total of $116,500 in wages and $750 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,940 and their itemized deductions equal $20,330. They claim two exemptions for the year on their joint tax return.

Table for the standard deduction

Filing Status 2018 Standard Deduction
Single $ 12,000
Married, filing jointly 24,000
Married, filing separately 12,000
Head of household 18,000
Qualifying widow(er) 24,000

a. What is the amount of Jason and Mary's adjusted gross income?
$

b. In order to minimize taxable income, Jason and Mary will ________ in the amount of $.

c. What is their taxable income?
$

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Answer #1
Total Wages 116500 $
Interest Income 750 $
Total Gross 117250 $
Adjustments for Gross 5940 $
a Total Gross Income after Adjustment 111310
Total Itemized Deductions 20330 $
c Taxable Income 90980
b Married Filing Jointly
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