Explain how to calculate their 2014 taxable income

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Reference no: EM131220502

Jason and Mary are married taxpayers in 2014. They are both under age 65 and in good health. For this tax year, they have a total of $41,000 in wages and $500 in interest income. Jason and Mary's deductions for adjusted gross income amount to $5,000 and their itemized deductions equal $7,950. They claim two exemptions for the year on their joint tax return.

I was able to figure out the AGI: 36500, They'll take the standard deduction: 12400

Explain how to calculate their 2014 taxable income.

Reference no: EM131220502

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