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What is the taxable income

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Problem 1: Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of $97,651. They can claim two exemptions of $4,000 each. Their Schedule A itemized expenses are as follows: Interest on home mortgage, $11,986; Property taxes on home, $3,762; Total medical expenses, $1,345; and Charitable contributions, $900. What is their taxable income?

Option 1: $81,003

Option 2: $73,003

Option 3: $71,648

Option 4: $73,903

Reference no: EM132478501

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