Describe and compute the taxable income


Compute the taxable income for 2012 in each of the following independent situations: a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $65,000 and itemized deductions of $12,000. b. Sybil, age 40, is single and supports her dependent parents who live with her as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $9,100. e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Dale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900.

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Accounting Basics: Describe and compute the taxable income
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