Ask Question
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?

+4
Answers (1)
  1. 8 June, 01:58
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Abner and Bette have been married for 20 years and always file a joint return, but never itemize their deductions. Abner and Bette have ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers