Question

pedro earned gross income of 35200 last year. if he took the standard deduction of 5450 and one exemption of 3500, what was his taxable income for the year

Answer 1

Answer:

33250

Step-by-step explanation:

Pedro had earned a gross income of 35200 last year.

So, the gross income of Pedro for the current year will also be 35200.

But, this year he has taken the standard deduction of 5450.

Hence, his current year's income will be reduced to (35200-5450)= 29750.

Again, in the current year, he got an exemption of 3500.

Therefore, the net taxable income of Pedro for the current year will become (29750+3500) =33250. (Answer)