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:

Steve Jobs

Co-founder of Apple Inc., known for his revolutionary contributions to personal computing, animation, and consumer electronic design.

International Business

The exchange of goods, services, technology, capital, and/or knowledge across national borders.

Cultural Differences

The variations in the ways of life, beliefs, and norms among different societies or cultural groups.

Crossed Legs

A body posture where one leg is placed over the other while seated, which can indicate various psychological or comfort-related states.