Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2015. Their income from salaries totals $155,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts:
a.Gross income
b.Adjusted gross income
c.Itemized deduction or standard deduction amount
d.Deduction for exemptions
e.Taxable income

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The Answer of Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2015. Their income from salaries totals $155,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts:
a.Gross income
b.Adjusted gross income
c.Itemized deduction or standard deduction amount
d.Deduction for exemptions
e.Taxable income

Betty, Age 39 and Steve, Age 50, Are Married with Two