Question

Find the taxable income of a married couple with two children, who have a combined income of $75,000.

Answer 1

Answer:

$47,200

Step-by-step explanation:

Given :

The total income of a married couple =  $75,000.

Number of children = 2

Therefore to find the taxable income of  a U.S.  family is given by the following formula ---

taxable income = total income- exemption deduction - standard deduction

We know that exemption deduction for a U.S couple as fixed by the government is $15,600.

And the standard deduction for a U.S couple as fixed by the government is $12,200.

Thus in order to find the taxable income of the couple, use the formula

taxable income = total income- exemption deduction - standard deduction

                          = $75,000 - $15,600 - $12,200

                          = $47,200.

Thus the taxable income is $47,200.