Alan and Sara Winthrop are a married couple who file a joint income tax return.They have two children,and they have legitimate itemized deductions totaling $25,750.Their total income from wages is $288,800.What is the couple's taxable income?

Question

Alan and Sara Winthrop are a married couple who file a joint income tax return.They have two children,and they have legitimate itemized deductions totaling $25,750.Their total income from wages is $288,800.What is the couple's taxable income? ​

Quizplus · Accepted Answer

To calculate taxable income, subtract the standard deduction for married filing jointly ($25,100 for 2021) from their total income. Since their itemized deductions ($25,750) are higher, use that instead: $288,800 - $25,750 = $263,050.

Alan and Sara Winthrop Are a Married Couple Who File