question archive Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Interest earnings, $75 Dividend income, $140 One personal exemption, $4,050 Itemized deductions, $7,000 Adjustments to income, $850 What amount would Daniel report as taxable income?
Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Interest earnings, $75 Dividend income, $140 One personal exemption, $4,050 Itemized deductions, $7,000 Adjustments to income, $850 What amount would Daniel report as taxable income?
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Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Interest earnings, $75 Dividend income, $140 One personal exemption, $4,050 Itemized deductions, $7,000 Adjustments to income, $850 What amount would Daniel report as taxable income?
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Answer:
Daniel should report $50,565 as taxable income
Explanation:
Gross salary $62,250
Interest earnings $75
Dividend income $140
One personal exemption $4,050
Itemized deductions $7,000
Adjustments to income $850
Taxable Income= Gross profit + Dividend Income + Interest Earning - Adjustment to Income - One Exemption - Itemized Deduction
T.I = 62,250 + 140 + 75 - 850 - 4050 - 7000
T.I.= $50,565
