Answer to Question #43368 in Economics of Enterprise for Seth Morgan
Interest income was $6,000.
Interest from corporate bonds was $48,000.
Adjusted income = 6,000 + 48,000 = 54,000.
In 2011 standard deduction was $11,600 for married filing jointly.
Additional standard deduction in 2011 based on age (65 or older) was $1,150 for married filing jointly per person, $2,300 for Homer and Jean. For father the additional standard deduction will be $1,450 as for single. Total amount will be $3,750.
TI = 54,000 - (11,600 + 3,750) = 38,650.
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