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What is the amount of their taxable income

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Problem - Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2019. Their salaries for the year total $84,800 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income. Their itemized deductions are $24,700. Frank and Joyce do not have any dependents.

Required -

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

b. What is their deduction for personal exemptions?

c. What is the amount of their taxable income?

Reference no: EM132673821

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