Question

This is 2018 tax rate. Please show all steps.

:2-31 Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized de- ductions. Carol has $90,000 of salary and $16,200 of itemized deductions. They are mar- ried and under age 65. a. Compute their taxable incomes if they file separately and Carol claims itemized deduc- tions on her return. b. Compute their taxable income if they file jointly. Assume their total itemized deduc- tions equals the sum of their separate itemized deductions.

Answer 1

Carl Carol $ 60,000.00 S 12,000.00 Personal exemption $ 3,950.00 44,050.00 1Income 90000 12000 ACi Taxable income $ 74050 $150,000.00 60000+90000 $ 24,000.00 AGI Personal exemption $ 7,700.00-3850*2 le income$118,300.00