bianca and dave are a married couple filing a joint tax return. they have a combined gross income of $81,031…

bianca and dave are a married couple filing a joint tax return. they have a combined gross income of $81,031 and claim four exemptions. they can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. if exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?\na. $50,193\nb. $41,843\nc. $48,403\nd. $52,793\nplease select the best answer from the choices provided

bianca and dave are a married couple filing a joint tax return. they have a combined gross income of $81,031 and claim four exemptions. they can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. if exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?\na. $50,193\nb. $41,843\nc. $48,403\nd. $52,793\nplease select the best answer from the choices provided

Answer

Explanation:

Step1: Calculate total exemptions

$4\times3650 = 14600$

Step2: Calculate total adjustments and deductions

$2914 + 1939+4140 + 4825+2420=16238$

Step3: Calculate adjusted - gross income

$81031-16238 = 64793$

Step4: Calculate taxable income

$64793-14600 - 8350=41843$

Answer:

B. $41,843$