Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2020, Ed and Jane realized the following items of income and expense:
They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2020 standard deduction amount for MFJ taxpayers is $24,800. What is the couple's taxable income?
Definitions:
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A statistical term referring to a distribution whose properties (such as mean and variance) are known.
Correlation
An indicator that measures the level at which several variables co-vary.
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Enduring characteristics that describe an individual's behavior, emotions, and thoughts.
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