Find the taxable income of a married couple with three children, who have a combined income of $62,000.

Answer :

taxable income is $30,300

Step-by-step explanation:

Given

The combine income of the husband and wife = $62,000

Number of children the couple has = 3

In order to find out the taxable income for an U.S. family, the following formula is used

taxable income = total income - exemption deduction - standard deduction

We know the exemption deduction for a married couple with three kids fixed according to the U.S. government is $19,500.

And the standard deduction for a married couple with three kids fixed according to the U.S. government is $12,200.

Therefore,

taxable income = total income - exemption deduction - standard deduction

                         = $62,000 - $19,500 - $12,200

                         = $30,300

Thus the taxable income is $30,300.

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