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Oscar and Mary have no dependents and file a joint income tax return for 2018. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2018 income tax return?

Respuesta :

Answer:

The amount of taxable income for 2018 should be $86,000.

Explanation:

The given adjusted gross income ( including all wages ) of both Oscar and Mary is equal to $140,000. The itemized deduction that is available to them is $30,000. This itemized deduction would be subtracted from the adjusted gross income to take out the taxable income. Also Oscar and Mary would receive standard deductions , which are available to them as per IRS, the amount as of 2018 for married couple who are filing joint return is equal to $24,000.

TAXABLE INCOME = $140,000 - $30,000 - $24,000

                                = $86,000

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