Problem - Jason and Mary are married taxpayers in 2016. They are both under age 65 and in good health. For this tax year, they have a total of $68,100 in wages and $715 in interest income. Jason and Mary's deductions for adjusted gross income amount to $2,285 and their itemized deductions equal $8,950. They claim two exemptions for the year on their joint tax return
What is the amount of Jason and Mary's adjusted gross income?
In order to minimize taxable income, Jason and Mary will take the standard deduction in the amount of $12600 What is their 2016 taxable income?