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hichkok12 [17]
3 years ago
15

abbie is an unmarried individual who earned a gross income of $74827 last year. she make $3839.31 in ira contributions, donated

$4219 to her favorite charities and paid $1789.34 in mortgage interest. a standard deduction is $5700 for an unmarried individual. if Abbies exemption is $3650, what is her taxable income? PLEASE HELP
Business
1 answer:
musickatia [10]3 years ago
8 0
42,750 = gross income standard deduction reduces your taxable income - 5700.00 exemption acts like a tax deduction, reducing taxable income - 3650.00 IRA contributions are tax deductible - 537.56 donating to charity is tax deductible - 918 mortgage interest payments are tax deductible - 1351.35 income NOT taxable - 5700 + 3650 + 537.56 + 918 + 1351.35 = 12,156.91. 42,750.00 - 12,156.91 = 30,593.09 <---taxable income I think I did this correctly, but just in case, you might want to get a second opinion :)
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