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7 May, 18:43

Find the taxable income of a married couple with one child, who has a combined income of $23,000.

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  1. 7 May, 22:11
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    Thus the taxable income is less than Zero.

    Step-by-step explanation:

    Given

    Total income = $23,000

    Number of children = 1

    To find the taxable income, following formula is used by the U. S. government

    taxable income = total income - exemption deduction - standard deduction

    The exemption deduction as set by the U. S. government for a U. S couple with one child = $11,700

    The standard deduction as set by the U. S. government for a U. S couple with one child = $12,200

    Thus to find the taxable income we use the above formula

    taxable income = total income - exemption deduction - standard deduction

    = $23,000 - $11,700 - $12,200

    = - $900

    Thus the taxable income is less than Zero.
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