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(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year.

February 14, 2020/in Feeds /by Munene david

(TCOs 3 and 7) Mr. and Mrs.

Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year. They have salary income of $70,000, dividend income of $2,300, hobby loss of $1,700, and deductions for adjusted gross income of $4,200. In addition, their itemized deductions total $11,800. Assume a standard deduction amount of $12,600 for married filing jointly status and a personal exemption amount of $4,000. What should be the amount of taxable income for Mr. and Mrs. Jones? (Points : 30)