Asked by Virgil Hobbs on Jul 02, 2024
Verified
Rates for a couple filing a joint tax return are 10% up to $16.750 and 15% thereafter up to $68,000. Sadie and Gilbert Goldberg earned combined gross income of $72,000. They itemized the following deductions: $9,400 interest on their home, $3,700 state taxes, $2,500 donation to their church, and a $150 donation to Goodwill. They took exemptions of $3,650 each for themselves and their two children. Compute the amount of income tax before credits.
Itemized Deductions
Expenses listed individually on a tax return that can be subtracted from adjusted gross income to reduce taxable income.
Joint Return
A tax return filed by married couples who choose to combine their taxable income into one return, potentially leading to tax benefits.
- Calculate individual income tax obligations across various tax conditions.
- Comprehend and utilize the notion of standard deductions and exemptions within tax calculations.
- Evaluate the impact of different deductions and exemptions on taxpayers' tax liabilities.
Verified Answer
AG
Learning Objectives
- Calculate individual income tax obligations across various tax conditions.
- Comprehend and utilize the notion of standard deductions and exemptions within tax calculations.
- Evaluate the impact of different deductions and exemptions on taxpayers' tax liabilities.