
Mr and Mrs Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information. Standard Deduction Table.
Salaries $ 163,000
Dividend income 1,900
Above-the-line deductions 6,200
Itemized deductions 26,200
Compute their adjusted gross income (AGI) and taxable income.
A) AGI $164,900; taxable income $134,700
B) AGI $158,700; taxable income $132,500
C) AGI $158,700; taxable income $108,500
D) AGI $164,900; taxable income $8,500
Correct Answer:
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