Answer :
taxable income is $30,300
Step-by-step explanation:
Given
The combine income of the husband and wife = $62,000
Number of children the couple has = 3
In order to find out the taxable income for an U.S. family, the following formula is used
taxable income = total income - exemption deduction - standard deduction
We know the exemption deduction for a married couple with three kids fixed according to the U.S. government is $19,500.
And the standard deduction for a married couple with three kids fixed according to the U.S. government is $12,200.
Therefore,
taxable income = total income - exemption deduction - standard deduction
= $62,000 - $19,500 - $12,200
= $30,300
Thus the taxable income is $30,300.
