(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year
(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint taxreturn for the year. They have salary income of $70,000, dividend income of $2,300, hobby loss of$1,700, and deductions for adjusted gross income of $4,200. In addition, their itemized deductions total$11,800. Assume a standard deduction amount of $12,600 for married filing jointly status and a personalexemption amount of $4,000.
What should be the amount of taxable income for Mr. and Mrs. Jones? (Points : 30)
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