Jason and Mary are married taxpayers in 2014. They are both under age 65 and in

Question

Jason and Mary are married taxpayers in 2014. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.

I was able to figure out the AGI: 36500, They'll take the standard deduction: 12400

Please explain how I calculate their 2014 taxable income. Thank you.

Explanation / Answer

The gross total income to be included in the above is $36500

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