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Determine john and cindy for standard deduction

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Reference no: EM132671302

John and Cindy are 70 and 56, respectively. They file a joint return. They have itemized deductions totaling $32,000.00.

Their sources of income and deductions are:

Wages-----------------------------------------------------$175,000.00
Interest from savings accounts------------------------ 10,000.00
Interest from NY qualified bonds--------------------- 6,000.00
Gift from John's unlce---------------------------------- 20,000.00

Problem 1: Determine John and Cindy's:

  1. Standard Deduction
  2. AGI 
  3. Taxable Income 
  4. Tax Liability

Reference no: EM132671302

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