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What is the amount of their adjusted gross income

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Reference no: EM132673715

Problem - Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income amounted to $2,000, their itemized deductions were $16,000, and they have no dependents.

Required -

a. What is the amount of their adjusted gross income?

b. What is the amount of their itemized deductions or standard deduction?

c. What is the amount of their taxable income?

d. What is their tax liability for 2019?

Reference no: EM132673715

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