Find the taxable income for a family of four (husband, wife, two
children) whose adjusted gross inc

Question

Find the taxable income for a family of four (husband, wife, two
children) whose adjusted gross income is $31,460 and itemized
deductions are $9,695.
(One exmemption is $3,300)

The taxable income is $

Thank you mathematical genius!!!

flash243 · Answer

Taxable Income = $8565.00

4 exemptions = 13,200
deductions = 9695

total deductions = 22895

agi - 22895 = $8,656

jshaw9 · Answer

The taxable income would be $15,165
 
You start with an AGI of $31,400
Itemized deduction = $9,695
Child exemption = $3,300. Due to having 2 children the total exemption is $6,600 ($3,300 x 2)
Total deductions = $9,695 + $6,600 = $16,295
Taxable income = AGI - total deductions, $31,400 - $16,295
 
Total Taxable income = $15,165

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Find the taxable income for a family of four (husband, wife, two children) whose adjusted gross inc

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