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Taxable income. (Objs. and 4) John and Jamie Kerr (ages 67 and 64. respectively) do not...

Taxable income. (Objs. and 4) John and Jamie Kerr (ages 67 and 64. respectively) do not claim any dependents on their joint tax return. Both have good vision. Compute their 2019 taxable income if the Kerrs use the standard deduction and their AGI is $365.880.

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Computation of Kerrs' taxable income for tax year 2019

Description Explanation Amount ($)
I. Adjusted gross income Given in question 365880
II. Standard deduction Standard deduction for Married filing jointly, one spouse age 65 or older 25700
Taxable income (I - II) = $365880 - $25700 340180
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