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Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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Tom and linda are married taxpayers who file a joint return.

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Tom and linda are married taxpayers who file a joint return. They have itemized deductions of $11,250 and four exemptions.Assuming an adjusted gross income of $40,000,what is their taxable income for 2008?
Submitted: 7 years ago.
Category: Tax
Expert:  Bill replied 7 years ago.
If they have 4 exemptions (1 for each of them and 2 dependents) then their taxable income is $14,750 [($40,000 - $11,250) - ($3,500 x 4) = $14,750]. If they have 4 dependents then they would claim 6 exemptions and their taxable income would be $7,750.
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