Based on the amount that Mike and Lisa made, and their 2 kids, their taxable income is $53,480
What are Mike and Lisa's taxable income?
The required deduction is $11,400
The optional tax deduction that they get is:
$7300 + $3650 per dependent
Mike and Lisa's taxable income is:
= 79,480 - 11,400 - (7,300 + (3,650 x 2))
= 79,480 - 11,400 - 14,600
= $53,480
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