Question & Answer: Compute the taxable income from 2016 under each of the following circumstances:…..

Compute the taxable income from 2016 under each of the following circumstances:

A. Jim is married and files a joint return. Jim and his wife have two dependent children. They have adjusted gross income of $30,000 and itemized deductions of $12,300.

B. Jim is single with no dependents. His adjusted gross income is $20,000 with itemized decuctions of $3,800.

C. Jim is a full time college student under 24 supported by his father Jim earned $2,600 from a part time job and had $500 of interest income. His itemized deductions were $600

D. JIm is married but files epartely and chlaims two dependent children, His adjusted gross income is $65,000 and he claims $8,900 of itemized deductions. JIm’s wife also itemizes on her return.

E. Assume the same sitation is in (D) but Jim’s itemized deductions are only $1,500

CAN U PLEASE TELL ME WHERE THE NUMBERS COME FROM AS YOU HELP SOLVE EACH PROBLEM SO I MAKE SURE I UNDERSTAND TO THE FULLEST.

FOR EXAMPLE I AM TOLD THAT A=Using standard deduction of 12,500 (married filing jointly), taxable income =$30,000 – $12,500 – $16,000 = $1,500 taxable income WHERE DO THESE NUMBERS COME FROM IF CORRECT?