Theresa and Oliver,married Filing Jointly,and Both Over 65 Years of Age,have

question 42

Essay

Theresa and Oliver,married filing jointly,and both over 65 years of age,have no dependents.Their 2014 income tax facts are:
$\begin{array}{lr}\text { Theresa's wages } & \$ 165,000 \\\text { Oliver's wages } & 33,000 \\\text { Short-term capital gain } & 36,000 \\\text { Long-term capital loss } & (41,000)\end{array}$
$\text { What is their taxable income for } 2014 \text { ? }$

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Definitions:

PHStat

An Excel add-in that enhances the statistical functions of the software, enabling more complex analyses tailored to business and statistics courses.

Sample of Employees

A subset of employees selected from a larger population for the purpose of examining or collecting data regarding the whole group.

One-Sample Test

A statistical test used to determine whether the mean of a single sample differs significantly from a known or hypothesized population mean.

Chi-Square Test

A statistical test used to determine if there is a significant association between two categorical variables.