Internal Revenue Service United States Department of the Treasury
Module 7: Standard Deduction

Page 3 of 7

 

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.
Tax and credits section of Brian and Sylvia Lyons' form 1040 tax return

 

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