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25. Adela and James are married and file tax returns jointly. Last year Adela earned...

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Accounting

25. Adela and James are married and file tax returns jointly. Last year Adela earned $47,500 and James earned $48,700 in wages. Additional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,290, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350. From this information, calculate their taxable income (in $).

26. Kerri is single. Last year she earned $49,800 in wages. Additional tax information for the year is as follows: interest earned: $249; capital gains from sale of stock: $2,750; penalty on early withdrawal of savings: $300; contributions to Keogh retirement fund: $1,600; real estate taxes paid: $5,500; mortgage interest paid: $4,100. The following table gives the standard deduction for various filing statuses.

Standard Deductions
Single or married filing separately $12,000
Married filing jointly or surviving spouse $24,000
Head of household $18,000
65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent: Varies (See www.irs.gov for information.)

Find the taxable income for the year.

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