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Tema [17]
3 years ago
11

Nick and Nora are married and have three children in college. They have an adjusted gross income of $47,400. If their standard d

eduction is $12,600, itemized deductions are $14,200, and they get an exemption of $4,000 for each adult and each dependent, what is their taxable income?
Mathematics
1 answer:
kirza4 [7]3 years ago
7 0

We know that Nick and Nora are married and have three children who are studying in college.

Also, their gross income = $47,400

Standard deduction = $12,600

Itemized deductions = $14,200

Exemption = $4,000 for each adult and each dependent

⇒ Exemption = 4,000 * 5

⇒ Exemption = $20,000

Taxable Income = Gross Income - Standard Deduction - Itemized Deduction - Exemptions

⇒ Taxable Income = 47,400 - 12,600 - 14,200 - 20,000

⇒ Taxable Income = $600

Hence, their taxable income is $600

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