What are the adjusted gross income amounts

Assignment Help Accounting Basics

Reference no: EM131956210

Problem

Pat, age 45 and his wife, Barb, age 44 are married with three children. They will file a joint return for 2016. Jim has taxable wages of $120,000 and Barb does not work. The children are Joe, age 10, Lauren, age 19 and in college as a full time student and Ray, age 23. Ray lives with his parents and has a full time job earning $42,000 a year. He also has bank interest income of $1,149 and a long term capital gain of $350. Pat and Barb also have a PA municiple bond interest income of $425 and bank interest of $214. They have a short term capital loss from the sale of some securities, amounting to $2,189. Pat maade a $2,000 deductible IRA contribution, which represents a deduction gor AGI. And they have $13,100 of itemized deductions.

What are the folowing amounts?

a) Adjusted Gross Income
b) Taxable Income
c) Total Income tax

Reference no: EM131956210

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