Thanks 4. Calculating taxable income Aa Aa For 2014, the personal exemption amou

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4. Calculating taxable income Aa Aa For 2014, the personal exemption amount is $3,950. The 2014 standard deduction is 6,200 for unmarried taxpayers or married taxpayers filing separately, $12,40D for married taxpayers filing jointy, and $9,10D for taxpayers filing as head of household Calculating Zachary and Lynn's Taxable Income Zachary and Lynn are a maried couple filing joiny. Calculate Zachary and Lynn's 2014 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2014 Taxable Income . Zachary and Lynn will eam $90,95in wages this yean .They estimabe dividend and interest income at $8DD. . They had carpool income of $600. .They use the standard deduction. .They donated $1,0DD to charity .They are entitled to two exemptions. Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Subtotal Less: Exemptions Taxable income 965 Fash 3 3.341 2004-2016 Apia. All rights reserve Grade It Now Save & Continue 2013 Cengage Laring eicept?noted. Al nghts reserved. Continus without saving

Explanation / Answer

Calculation of Taxable Income for the year 2014:

Gross income ($90,965 + $800 + $600) = $92,365

Less: Adjustments to income = Nil

Adjusted Gross Income = $92,365

Less: Deductions (Standard deduction) = $12,400

(Deductions are not Itemised)

Subtotal = $79,965

Less: Exemptions ($3950 x 2) = $7,900

Taxable Income = $72,065

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