What is the couple adjusted gross income

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Reference no: EM132847193

Question - Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2020, Ed and Jane realized the following items of income and expense:

Item Amount

Ed's Salary $55,000

Jane's Salary 34,400

Interest income on their saving account 600

Municipal bond interest income 400

Lottery winning 6,000

Dividend received from GE stocks 500

Jane received alimony from her ex 1000

Jane received gift from her aunt 3000

Alimony paid to Ed's ex-wife (7,000)

Child support paid to Ed's ex-wife (5,000)

Real property tax (10,000)

Home mortgage interest expenses (6,000)

Gambling loss (4500)

Their employers withheld $1,800 in federal income taxes and $800 state income tax from their paychecks (in the aggregate). Please answer the following questions:

a. What is the couple's gross income?

b. What is the couple's adjusted gross income (AGI)?

c. What is the couple's itemized deduction?

d. What is the couple's taxable income?

Reference no: EM132847193

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