Module 7: Standard Deduction
Review the tax and credits section of the tax return for Brian and Sylvia Lyons. Brian and Sylvia are married and file a joint return. They have three dependent children.
- The adjusted gross income is $63,825.
- The standard deduction is $12,400.
- There are five exemptions. The exemption amount is $3,950.
The total deduction for exemptions is $19,750 ($3,950
multiplied by 5).
- Taxable income is $31,675.