Determine the taxable income for a family of four (husband, wife, two children) if their adjusted gross income is $78,236.00 and

Question

3 years ago

10

their itemized deductions are $18,245.00. Use $3,050.00 as the amount of each personal exemption.
$66,036.00

$59,991.00

$75,186.00

$47,791.00

2 answers:

Ivahew [28] · Answer 1 · 2022-07-23T01:10:46+03:00

7 0

I think its 75,186.00 that's what I got but check frets I might be wrong lol

neonofarm [45] · Answer 2 · 2022-07-23T02:29:43+03:00

Answer:

$47,791

Explanation:

Gross taxable income can be calculated using the formula;

Gross taxable income = Gross income - (deductions+total exemption)

Given adjusted gross income = $78,236

Deductions = $18,245

Each personal exemption = $3,050

The family total exemption = 4×$3,050 = $12,200(being a family of 4)

Substituting this values in the formula;

Gross taxable income = $78,236 - ($18,245+$12,200)

= $78,236-$30,445

= $47,791

The family gross taxable income is $47,791