The amount that Ross report as taxable income will be $31965.
<h3>What is a taxable income?</h3>
Taxable income refers to the base upon which an income tax system imposes the tax.
In other words, the taxable income is the income over which the government imposed tax. It includes some or all items of income and is reduced by expenses and other deductions.
From the information:
Gross salary = $56,145
Interest earnings = $205
Dividend income = $65
Standard deduction = $12,000
Itemized deductions = $11,250
Adjustments to income = $1,200
The taxable income is given by:
= Gross salary + Interest earnings + Dividend income - Standard deduction - Itemized deductions - Adjustment to income
= 56145 + 205 + 65 - 12000 - 11250 - 1200
= $31965
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