Bianca and dave are a married couple filing a joint tax return. They have a combined gross income of $81,031 and claim four exemptions. They can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. If exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?
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Answered by
9
Answer:
Explanation:
Given
Gross income = $81031
Business expenses = $ 2914
Bussiness losses = 1939
Medical expenses = $4140
Retirement fund = $4825
Charitable donation= $2420
If exempetion of 4 pieces = $14600
Deduction for a joint return = $8350
Taxable income = gross income - exemption - Total deduction
= $41843
Answered by
1
Answer:$41843
Explanation:
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