Abner and Bette have been married for 20 years and always file a joint return, but never itemize their deductions. Abner and Bette have gross income of $80,000 and deductions for adjusted gross income in the amount of $5,000, but they do not have any children. Neither Abner nor Bette are over the age of 65 and neither is blind. What is Abner and Bette's taxable income in 2019?

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Business

Jerry Winters

8 June, 01:33

Abner and Bette have been married for 20 years and always file a joint return, but never itemize their deductions. Abner and Bette have gross income of $80,000 and deductions for adjusted gross income in the amount of $5,000, but they do not have any children. Neither Abner nor Bette are over the age of 65 and neither is blind. What is Abner and Bette's taxable income in 2019?

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Joslyn Rivera · Answer 1

Solution and Explanation:

Abner & Bette Gross Income = $80,000.00

Less: the Standard deduction (as per Federal tax $12700 for 2017) $ (12,700.00)

Less: the Personal Exemption ($4050*2) $ (8,100.00)

Ans (a) Abner's & Bette taxable income in 2017 $ 59,200.00

The Personal Exemption Amount

The personal exemption amount for 2017 is $4,050.

Standard Deduction Amounts

The 2017 standard deduction amounts will be as follows:

Single or married filing separately: $6,350

Married filing jointly: $12,700

Head of household: $9,350