Oscar and Mary have no dependents and file a joint income tax return for 2014. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2014 income tax return?

Question

Quizplus · Accepted Answer

To calculate the taxable income, we subtract the total itemized deductions from adjusted gross income. 
$140,000 - $30,000 = $110,000 taxable income. 
Therefore, the correct answer is B.

Oscar and Mary Have No Dependents and File a Joint