Compute jim and pats adjusted gross income

Reference no: EM131883478

Problem

Jim and Pat are married and file jointly. In 2015, Jim earned a salaray of $46,000. Pat is self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,000 to a deductible IRA. Their itemized deductions totaled $13,000. Compute parts a, b, and c without regard to self-employment tax.

a. Compute their gross income

b. Compute their adjusted gross income

c. Compute their taxable income assuming they have a dependent daughter.

Reference no: EM131883478

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