Sally and Tom are married have to be dependent children file a joint return in 2

Question

Sally and Tom are married have to be dependent children file a joint return in 2013 if they have adjusted gross income of 90,000 and itemized ductions of 10,000 what is your taxable income for 2013 Sally and Tom are married have to be dependent children file a joint return in 2013 if they have adjusted gross income of 90,000 and itemized ductions of 10,000 what is your taxable income for 2013 Sally and Tom are married have to be dependent children file a joint return in 2013 if they have adjusted gross income of 90,000 and itemized ductions of 10,000 what is your taxable income for 2013

Explanation / Answer

According to the question sally & Tom have to be dependent childern, but as they dont qualify as dependent childern so they will have personal exemption of $3900 each and joint standard deduction $12200 which is greated than $10000 , so stnadard deduction will be taken into consideration in 2013

Adjusted Gross Income= $90000

Less: Personal exemption deduction ($3900*2) ($7800)

Less: Standard deduction ($12200)

Taxable Income in 2013 $70000 Ans

Also note if the question says that they have a childern than they can claim $3900 exemption for each child if he is a qualifying child. So suppose there is one dependent children than $3900*1=$3900 more can be deducted from Adgusted Gross income over and above what is done in above calculation. I have mentioned this just for better understanding.

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