Nick and jolene are married nick is 64 and retired last

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Reference no: EM13588249

Nick and Jolene are married. Nick is 64 and retired last year from his job with Amalgamated Company.Jolene is 56 and works part-time as a special education teacher.They give you the following list of projected cash receipts for 2013:

Jolene's salary $23,000

Nick's pension - fully taxable 22,500

Interest income 4,000

Dividend income (all qualified) 2,500

Nick's Social Security benefits received 7,000

Assuming that Nick and Jolene have total allowable itemized deductions of $12,350 in 2013 and that they have no dependents, determine their 2013 taxable income and tax liability based on the projections they gave you.

Reference no: EM13588249

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