George, age 67, and Linda, age 60, are married taxpayers with three dependent children.Their adjusted gross income for the 2018 tax year is $142,000.They have itemized deductions of $24,000.Determine the following for their joint tax return for 2018:
a.Exemption deduction amount
b.The greater of the amount of their standard deduction or their itemized deductions
c.Taxable income

Question

George, age 67, and Linda, age 60, are married taxpayers with three dependent children.Their adjusted gross income for the 2018 tax year is $142,000.They have itemized deductions of $24,000.Determine the following for their joint tax return for 2018:​
a.Exemption deduction amount
b.The greater of the amount of their standard deduction or their itemized deductions
c.Taxable income

Quizplus · Accepted Answer

The Answer of George, age 67, and Linda, age 60, are married taxpayers with three dependent children.Their adjusted gross income for the 2018 tax year is $142,000.They have itemized deductions of $24,000.Determine the following for their joint tax return for 2018:​
a.Exemption deduction amount
b.The greater of the amount of their standard deduction or their itemized deductions
c.Taxable income

George, Age 67, and Linda, Age 60, Are Married Taxpayers