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

question 45

Essay

Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents.Their 2017 income tax facts are: $\begin{array}{lr}\text { Theresa's wages } & \$ 165,000 \\\text { Oliver's wages } & 33,000 \\\text { Shortterm capital gain } & 36,000 \\\text { Longterm capital loss } & (41,000)\end{array}$ What is their taxable income for 2017?

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Definitions:

Contingency

Describes a future event or circumstance that is possible but cannot be predicted with certainty.

Operant Conditioning

A learning process in which the strength of a behavior is modified by its consequences, such as reward or punishment.

Extinction

Within the field of psychology, a conditioned response gradually fades and ultimately vanishes.

Unconditioned Stimulus

Within the framework of classical conditioning, a stimulus inherently and spontaneously elicits a reaction without the necessity of prior learning.