Phase out of personal exemptions based on income

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Reference no: EM13771018

You have a gross income of $386200 in 2014. Your filing status is married filing jointly. You might itemize deductions and you are allowed 5 exemptions. During the year you donated 3.3% of your gross income to charity and you have an interest-only mortgage at 4.125% on a $1030000 house. What is your federal tax bill, assuming phase out of personal exemptions based on income?

Reference no: EM13771018

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Phase out of personal exemptions based on income : You have a gross income of $386200 in 2014. Your filing status is married filing jointly. You might itemize deductions and you are allowed 5 exemptions. During the year you donated 3.3% of your gross income to charity and you have an interest-only mo..

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