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Jack and Jill are a married couple with one dependent child. In 2016, their salaries total

Jack and Jill are a married couple with one dependent child. In 2016, their salaries total

Jack and Jill are a married couple with one dependent child. In 2016, their salaries totaled $105,000, and they suffered a capital loss of $10,000. They also received $2,000 of tax-exempt interest. They paid home mortgage interest of $12,000, state income taxes of $5,000, and medical expenses of $3,500. They also contributed $5,000 to charity, and made a $10,000 deductible IRA contribution. On their 2016 Married Filing Joint tax return what is their (a) adjusted gross income; (b) their total itemized deductions; (c) the amount of their exemptions; and (d) their taxable income.

Abhinav 04-Dec-2019

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