John (68) and Jane (66) are married with no children. Their income from salaries

Question

John (68) and Jane (66) are married with no children. Their income from salaries is 60,000 and they had interest income on CDs of 5,000. They had deductions for adjusted gross income of $3,000 and itemized deductions of $12,000. Calculate their taxable income John (68) and Jane (66) are married with no children. Their income from salaries is 60,000 and they had interest income on CDs of 5,000. They had deductions for adjusted gross income of $3,000 and itemized deductions of $12,000. Calculate their taxable income

Explanation / Answer

Total Income = 60000 + 5000 = $65,000

Total deductions = 3000 + 12000 = $15,000

Hence, Taxable Income (Married Taxpayers filing jointly) = 65000-15000= $50,000

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