Essay
Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially.In 2017,Ed and Jane realized the following items of income and expense:
They also qualified for a $1,000 tax credit.Their employers withheld $1,800 in taxes from their paychecks (in the aggregate).Finally,the 2017 standard deduction amount for MFJ taxpayers is $12,700 and the 2017 exemption amount is $4,050.
What is the couple's taxable income?
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