Oscar and Mary have no dependents and file a joint income tax return for 2017.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 2017 income tax return?

Question

Quizplus · Accepted Answer

AGI: $140,000
Itemized Deductions: $30,000
Taxable Income: AGI - Itemized Deductions = $110,000
Therefore, the amount of taxable income that Oscar and Mary must report on their 2017 income tax return is $110,000. The correct choice is B.

Oscar and Mary Have No Dependents and File a Joint