the rossinis are a married couple that claimed 5 dependents and the standard deduction. their adjusted gross…

the rossinis are a married couple that claimed 5 dependents and the standard deduction. their adjusted gross income was $143,208. what was their actual taxable income?

the rossinis are a married couple that claimed 5 dependents and the standard deduction. their adjusted gross income was $143,208. what was their actual taxable income?

Answer

Explanation:

Step1: Recall taxable - income formula

Taxable income = Adjusted gross income - Standard deduction In 2023, for married - filing - jointly, the standard deduction is $27,700.

Step2: Calculate taxable income

Taxable income=$143,208 - 27,700$ $143,208-27,700 = 115,508$

Answer:

$115,508$