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The Tax Formula for Individuals, Filing Status and Tax Computation (LO 1.3, 1.5, 1.6, 1.7) Diego, age...

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Accounting

The Tax Formula for Individuals, Filing Status and TaxComputation (LO 1.3, 1.5, 1.6, 1.7)

Diego, age 28, married Dolores, age 27, in 2017. Their salariesfor the year amounted to $47,230 and they had interest income of$3,500. Diego and Dolores' deductions for adjusted gross incomeamounted to $2,000; their itemized deductions were $11,800; theyclaimed two exemptions on their return; and, they filed a jointreturn.

Table for the standard deduction

Filing Status2017 Standard Deduction
Single$ 6,350
Married, filing jointly12,700
Married, filing separately6,350
Head of household9,350
Qualifying widow(er)12,700

Click here to access the tax tables.

a. What is the amount of their adjusted grossincome?
$

b. In order to minimize taxable income, Diegoand Dolores will in the amount of $.

c. What is the amount of their taxableincome?
$

d. What is their tax liability for 2017?
$

Answer & Explanation Solved by verified expert
4.4 Ratings (851 Votes)
Answer a 48500 Workings Adjusted Gross Income Total Income abovetheline deductions deductions for adjusted gross income 47000 3500 2000 48500 Answer b In order to minimize taxable    See Answer
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