Answer:
Total Taxable income $ 32,615
Explanation:
Gross salary $ 41,595
Adjustments (subtractions) to income $ 7,000
Standard deduction $ 12,000
<u>Itemized deductions $ 14,350</u>
<u>Itemized Deductions are considered because they are higher than standard deductions.</u>
Taxable income $ 20,245
Add business income $ 12,000
Interest earnings $ 255
Dividend income $ 115
Total Taxable income $ 32,615
Answer:
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