Nick and nora are married and have three children in college. they have an adjusted gross income of $47,400. if their standard deduction is $12,600, itemized deductions are $14,200, and they get an exemption of $4,000 for each adult and each dependent, what is their taxable income?

We know that Nick and Nora are married and have three children who are studying in college.

Also, their gross income = $47,400

Standard deduction = $12,600

Itemized deductions = $14,200

Exemption = $4,000 for each adult and each dependent

⇒ Exemption = 4,000 * 5

⇒ Exemption = $20,000

Taxable Income = Gross Income - Standard Deduction - Itemized Deduction - Exemptions

⇒ Taxable Income = 47,400 - 12,600 - 14,200 - 20,000

⇒ Taxable Income = $600

Hence, their taxable income is $600

3030 ur welcome

step-by-step explanation:

step-by-step explanation:

your answer is a