Adjusted Gross income = income - expenditure
| Adjusted gross income | 98680 |
| Itemized deduction | ||
| mortgage interest on primary residence | 6300 | |
| mortgage principle on primary residence | 4300 | |
| real estate taxes on primary residence | 3000 | |
| contribution of used furniture | 20000 | |
| contribution to traditional spousal IRA | 6500 | |
| medical exp | 6632 | |
| Interest on auto loan | 3400 | |
| Interest on loan to buy bonds | 2600 | |
| Total itemized deduction | 52732 |
| Adjusted gross income | 98680 |
| Taxable income | 45948 | |
| Tax rate for married filing jointly | 12% | |
| Tax paid | 5514 | |
| Tax refund | 486 |
Taxable income = adjusted gross income – itemized income
Tax paid = tax rate * taxable income
Tax refund = tax paid – federal tax with held.....
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