
Mr and Mrs Liddy, ages 39 and 41, file a joint return and have no dependents for the year. Here is their relevant information. Standard Deduction Table.
Salaries $ 47,000
Taxable interest income 5,000
Above-the-line deductions 1,800
Itemized deductions 16,250
A) AGI $50,200; taxable income $26,200.
B) AGI $52,000; taxable income $35,750.
C) AGI $52,000; taxable income $33,950.
D) AGI $50,200; taxable income $9,950.
Correct Answer:
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