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What is the adjusted griss income and taxable income

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Reference no: EM132519575

Jennifer and Jason Greco are married and file a joint tax return. Their two dependent children (Jim, age 14, and Jessica, age 16); both live at home. The Grecos have the following income and expenses:

income Jennifer Salary $120,000,

Jason's net profit from his consulting sole proprietorship (which paid $30,000 in W-2 wages) $148,000,

Interest income on State of Texas bonds $10,000,

interest income on corporate bonds $12,000,

Cash dividends $19,000, and

Long-term capital gain from sale of stock.

Expenses are interest on the $850,000 principal from their home acquisition mortgage ( acquired in 2018) $48,000,

Real property taxes on their home $11,000,

Charitable contributions to their church $49,000,

Federal income tax withheld from Jennifer's salary $35,000, and

Estimated federal tax payments for this year $20,000.

Question a. What is their adjusted griss income and taxable income for 2019?

Question b. What is their net tax due or refund expected for 2019?

Reference no: EM132519575

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