Nick and nora are married and have three children in college. they have an adjusted gross income of 47,400. if their standard deduction is 12,600 itemized deductions are 14,200 and they get an exemption of 4000 for each adult and each dependent what is their taxable income

Taxable income is $16600 .

Step-by-step explanation:

As given

Nick and Nora are married and have three children in college.

They have an adjusted gross income of $47,400.

If their standard deduction is $12,600 itemized deductions are $14,200 and they get an exemption of $4000 for each adult and each dependent .

Total exemption amount = Total number of adult and each dependent × Amount of exemption .

                                          = 5 × 4000

                                          = $ 20000

Thus

Taxable income = Adjusted gross income - Standard deduction - Itemized deductions - Total exemption amount

                           = $47400 - $12600 - $ 14200 - $4000

                           = $ 47400 - $ 30800

                           = $ 16600

Therefore the taxable income is $16600 .

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step-by-step explanation:

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