How to find taxable income, question in description!

Question

I am having a hard time finding taxable income because I am confused about itemizing deductions along with how many people count as exemptions

 Renaldo and Rita Hernandez have three children aged 17, 18, and 12. Renaldo's father lives with them and has no inc paid $3,100 property tax and $6,200 mortgage interest on their home. They paid $2,600 principal on their mortgage. They paid state income tax of $2,175. They donated $500 to their church and $500 to the Salvation Army. They spent $5,600 on groceries and $1,100 on utilities. They itemize their deduction What is their taxable income

Answer 1

 

you can use a long form 1040 with a Schedule A and fill in the blanks with hypothetical numbers..

 

no need to guess about the concept of individual "taxable income" because definitions are on the form and in the instruction booklet for the 1040 form..

 

if you want to set up a linear equation for taxable income you will need:

age and marital status for Renaldo and Rita..

age and marital status for Renaldo's father..

are Renaldo and/or Rita eligible for a blindness disability

adjusted gross income for Renaldo and Rita

 

groceries and utilities are not itemized deductions for Schedule A.. 

the $2600 principal is not an itemized deduction for Schedule A..