3) Jane and Ed Rochester are m

3) Jane and Ed Rochester are married with a 2-year-old child,who lives with them and whom they support financially. In 2019, Edand Jane realized the following items of income and expense: AmountItems:

$ 35,000 Ed’s Salary, $70,000 Jane’s Salary , $400 Municipalbond interest income, $1,000 Qualified business income, $8,000Alimony paid (divorce in 2018) $10,000 Real property tax (from AGIdeduction) Their employers withheld $5,800 in federal income taxesfrom their paychecks.

A) What is their AGI?

B)What is their Taxable Income?


Amount in$
Ed’s Salary           35,000
Add: Jane’s Salary           70,000
Add: Municipal bond interestincome                400
Add: Qualified businessincome             1,000
GrossIncome       106,400
Less: Alimony paid (divorce in 2018)             8,000
Less: Real property tax           10,000
AGI          88,400
B.) Taxable Income
Amount in$
AGI           88,400
Less: Standard Deduction           24,400
TaxableIncome          64,000

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