Theresa and Oliver, Married Filing Jointly, and Both Over 65

question 90

Essay

Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2014 income tax facts are:
$\begin{array}{lr}\text { Theresa's wages } & \$ 165,000 \\\text { Oliver's wages } & 33,000 \\\text { Short-term capital gain } & 36,000 \\\text { Long-term capital loss } & (41,000)\end{array}$

$\text { What is their taxable income for } 2014?$

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Definitions:

Term Life

Term life is a type of life insurance policy that provides coverage at a fixed rate of payments for a limited period, known as the relevant term.

Death Benefit

The sum paid to a beneficiary upon the insured’s death, provided through a life insurance policy.

Savings Plan

A program that encourages regular saving by setting aside a certain amount of income for future use, often with tax advantages or interest accrual.

Actuarially Determined

Calculated based on actuarial methods and assumptions, often referring to pension plan contributions or insurance risk assessments.