What is Tony and Paulette’s taxable income for the 2024 tax year considering their financial information?

To determine Tony and Paulette's taxable income, it is crucial to start with their total income, then subtract any deductions or adjustments that are applicable to arrive at the taxable figure.

In this scenario, if the correct answer is $134,400, it indicates that after assessing their total income—which could include wages, interest, dividends, and any other sources of income—deductions such as the standard deduction or itemized deductions played a significant role in reducing their taxable income to this level.

For the 2024 tax year, the standard deduction for married couples filing jointly is anticipated to be around $29,200, but this could vary based on their specific financial situation and eligibility for other adjustments. If Tony and Paulette had a total income greater than this deduction, subtracting it from their gross income would lead to a taxable income of $134,400, which aligns with the provided answer.

Therefore, correctly identifying their total income and specific deductions is essential in understanding how their taxable income is calculated. This understanding underscores the importance of being aware of both gross income sources and applicable deductions in effectively determining taxable income for tax planning purposes.