Rahul and Ruby are married taxpayers. They are both under age 65 and in good...
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Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they have a total of $96,700 in wages and $575 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $5,005 and their itemized deductions equal $17,870. They claim two exemptions for the year on their joint tax return.
Table for the standard deduction
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a. What is the amount of Rahul and Ruby's adjusted gross income?
b. In order to minimize taxable income, Rahul and Ruby will " take the standard deduction " or " itemized their deductions " in the amount of $_____.
c. What is their taxable income?
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