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Practice: Chapter 03 Preparing Your Taxes Chapter 3 Financial Planning Exercise 6 Calculating taxable income...

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Practice: Chapter 03 Preparing Your Taxes Chapter 3 Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Emily and Luke Robinson are married and have one child. Luke is putting together some figures so that he can prepare the Robinson's joint 2018 tax return. So far, he's been able to determine the following with regard to income and possible deductions: Assume that Luke is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies. How much taxable income will the Robinsons have in 2018? Note that personal exemptions were suspended for 2018 . Do not round your intermediate computations. Round the answer to the nearest dollar

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