Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state...

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Base your answers on this scenario: Sally and Jim Jones are married in Texas, a state with no state income tax. They have no

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Answer 1

Answer #1

Description	Amount
(1)Gross Income	$120,000
(2)For AGI Deductions	0
(3)Adjusted Gross Income	$120,000
(4)Standard Deduction	$24,400
(5)Itemized deductions (Eliminated)	$0
(6)Greater of standard deduction and itemized deductions	$24,400
(7)Taxable Income	$95,600

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Answer 2

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