question archive Assume the standard deduction for a single person is $6,350

Assume the standard deduction for a single person is $6,350

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Assume the standard deduction for a single person is $6,350. Daniel Simmons arrived at the following tax information:

      Gross salary$60,080 Interest earnings$220 Dividend income$160   Itemized deductions$7,180 Adjustments to income$1,200

What amount would he report as taxable income?

 

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Answer:

Taxable income is $48,030.

Step-by-step explanation

Gross salary = 60,080

Add; Interest earnings = 220

Add: Dividend Income = 160

Less; Adjustments to income = 1,200

Adjusted Gross Income = 59,260

Less; Higher between itemized deduction and Standard deduction = 7,180

Less; Personal exemption (based on year 2017) = 4,050

Taxable income = $48,030.

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