robert and anne, a married couple filing jointly, have an adjusted gross income of $68,676. they claim two…

robert and anne, a married couple filing jointly, have an adjusted gross income of $68,676. they claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. if the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?\na. $53,290\nb. $53,026\nc. $44,940\nd. $61,640\nplease select the best answer from the choices provided\no a\no b\no c\no d

robert and anne, a married couple filing jointly, have an adjusted gross income of $68,676. they claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. if the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?\na. $53,290\nb. $53,026\nc. $44,940\nd. $61,640\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Explanation:

Step1: Calculate total exemptions

Since they claim 2 exemptions worth $3,650 each, the total exemption amount is $3650\times2 = 7300$.

Step2: Calculate total itemized deductions

The itemized deductions are the sum of charitable donations ($3,752), mortgage - interest ($3,375), and city income tax ($959). So, $3752 + 3375+959=8086$.

Step3: Compare itemized and standard deductions

The standard deduction for a married couple filing jointly is $8,350. Since $8350>8086$, we use the standard deduction.

Step4: Calculate taxable income

Taxable income = Adjusted gross income - Total exemptions - Standard deduction. So, $68676-7300 - 8350=53026$.

Answer:

B. $53,026