AnswersPizzellaWCA 6180 Personal Finance 1 - Part 1Careers, Salaries, and Lifetime IncomeQuestion 5
5
QuizMultiple Choice

Careers, Salaries, and Lifetime Income

Question 5 • (Pizzella)WCA 6180 Personal Finance 1 - Part 1

Robert and Anne, a married couple filing jointly, have an adjusted gross income of $68,676. They claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. If the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?

Answer
A
$53,290
B
$44,940
C
$53,026
D
$61,640

Explanation

Add the itemized deductions: $3,752 + $3,375 + $959 = $8,086, which is less than the $8,350 standard deduction, so use the standard deduction. The two exemptions total 2 × $3,650 = $7,300. Subtract both amounts from adjusted gross income: $68,676 − $8,350 − $7,300 = $53,026, so the total taxable income is $53,026.

AI-written and checked against the verified answer.

Previous
Next

More from this Course

Quiz
15 verified answers

Careers, Salaries, and Lifetime Income

Quiz
14 verified answers

Employment and Education

Quiz
11 verified answers

Quiz