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

question 97

Essay

Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents.Their 2012 income tax facts are:
What is their taxable income for 2012?

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Definitions:

Worldwide Monopoly

A market structure in which a single company or entity has exclusive control over the production and sale of a product or service across the globe.

Tariff

A tax imposed by a government on imported or exported goods to regulate trade.

Quota

A trade limitation enforced by the government that restricts the quantity or financial value of products that may be exported or imported within a certain timeframe.

Revenues

Revenues represent the total income generated by a business from its primary activities, such as sales of goods or services, before any costs or expenses are deducted.