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Determine John and Cindy Standard Deduction

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Question - 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 uncle 20,000.00

Required - Determine John and Cindy's:

1. Standard Deduction

2. AGI

3. Taxable Income

4. Tax Liability

Reference no: EM132709338

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