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What is their gross income, adjusted gross income, and taxable income?

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3. Mr. and Mrs. Denton, both over the age of 65, file a joint return. They have wages of $30,000, dividends of $6,000, municipal bond interest of $3,000 and received $10,000 for the sale of stock that they bought for $4,000 in 2001. They made a $3,000 contribution to their Roth IRA, paid $4,100 in deductible mortgage interest and real estate taxes and made a $2,500 charitable contribution. What is their gross income, adjusted gross income, and taxable income?

 

Paper#20438 | Written in 18-Jul-2015

Price : $22
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