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Bizhelp, Accountant
Category: Business and Finance Homework
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Experience:  BA degree and Certified Public Accountant
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Drew and Meg, ages 40 and 41, respectively, are married

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Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. in addiiton to four dependent children, they have AGI of 65,000 and itemized deductions of 12000. computer taxable income for 2013

Sam is married and files a joint return with his spouse, Lana. Both sam and lana are 67 years old. Their combined gross income for 2012 was 21,500. they had a total of 800 in federal tax withheld from their paycheks. indicate whether the taxpayers are required by law to file a Federal income tax return for 2012.


Thanks for the questions.

1. Since the 2013 standard deduction of $12,200 is higher than their itemized deductions, we will use the standard deduction amount since it gives a greater tax benefit.
AGI 65,000
less standard deduction $12,200
less exemptions (6 x $3900) $23,400
=taxable income $29,400

2. No, they are not required to file since their income is below $21,800 but in order to receive a refund of the $800 tax withheld from their paychecks, they should file a return.

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