Sean and Martha Are Both Over Age 65 and Martha

question 129

Essay

Sean and Martha are both over age 65 and Martha is considered blind by tax law standards.Their total income in 2014 from part-time jobs and interest income from a bank savings account is $60,000.Their itemized deductions are $12,000.
Required: Compute their taxable income.

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Definitions:

Union Steward

An elected representative of union members in the workplace, responsible for enforcing the collective bargaining agreement and assisting members with grievances.

Solicit

To request or seek for something, often by direct appeal or plea.

Company Property

Assets owned by a business, including physical items like buildings and machinery, and intangible assets like trademarks and patents.

Union Organizers

Individuals or groups involved in forming, joining, or promoting labor unions to advocate for workers' rights and interests.