Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amo

Question

Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $1,900, their itemized deductions were $10,172, and they claimed two exemptions on their return. A) What is the amount of their adjusted gross income? B) What is the amount of their itemized deductions or standard deduction? C) What is the amount of their taxable income? D) What is their tax liability for 2012?

Explanation / Answer

aTheir AGI is $48,079 b) Use the higher standard deduction of $10,900 c) Standard deduction of $10,900 and two personal exemptions of $3,500 each gives them taxable income of $30,179

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