Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income?
Answers
Answer:
the answer is C: $37,576
Explanation:
got it on edg 2020
Answer:
Total Taxable Income = $34,043
Explanation:
From the above question,
They have given :
The deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses.
Here,
Gross Income = $61,026
Exemptions (2 x $3,650) = -$7,300
Adjustment for business losses = -$3,206
Deduction for property tax = -$2,376
Deduction for interest on mortgage = -$2,871
Adjustment for contributions to retirement plan = -$2,575
Adjustment for medical expenses = -$2,682
Adjustment for business expenses = -$2,440
Standard Deduction = -$5,700
Total Taxable Income = $61,026 - $7,300 - $3,206 - $2,376 - $2,871 - $2,575 - $2,682 - $2,440 - $5,700
Total Taxable Income = $34,043
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