Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of $2,900 to a tax-deferred retirement account. Sam has 3 dependents and files as married filing jointly. What is Sam's total income? What is Sam's adjusted gross income? For Sam's filing status, the standard deduction is $12,600, and the exemption amount is $4000 per exemption. What is Sam's taxable income?
Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of $2,900 to a tax-deferred retirement account. Sam has 3 dependents and files as married filing jointly. What is Sam's total income? What is Sam's adjusted gross income? For Sam's filing status, the standard deduction is $12,600, and the exemption amount is $4000 per exemption. What is Sam's taxable income?
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 8P
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Transcribed Image Text:Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of
$2,900 to a tax-deferred retirement account. Sam has 3 dependents and files as married filing jointly.
What is Sam's total income?
What is Sam's adjusted gross income?
For Sam's filing status, the standard deduction is $12,600, and the exemption amount is $4000 per
exemption. What is Sam's taxable income?
Use the 2015 tax table to find the income tax for Sam filing as married filing jointly.
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Publisher:
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