Chapter 1 The Individual Income Tax Return
On their 2017 income tax return, they have adjusted gross income of $62,000 and total itemized deductions of $4,000. What is their taxable income? ANSWER: $41,200 = $62,000 - $12,700 - $8,100. 40. Rod, age 50, and Ann, age 49, are married taxpayers who file a joint return for 2017. They have gross income of $150,700. Their deductions for adjusted gross income are $5,100 and they have itemized ... ................
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