Answer: -
Taxable income = Gross salary+ Dividend income+ Interest earnings- Adjustments to income- One personal exemption - Itemized deductions
Taxable Income = 62,320+160+220-1,250-4,050-7,620
Taxable Income = $49,780
Assume the standard deduction for a single person is $6,350. Daniel Simmons arrived at the following...
Homework i Daniel Simmons arrived at the following tax information: $ 220 $ 60,080 Gross salary 'Interest earnings One personal Dividend income $ 160 exemption Itemized Adjustments to $ 7,180 deductions income $3,700 $1,200 Ees What amount would he report as taxable income? Taxable income 1 of 10
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For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Zachary's Taxable Income Zachary is an unmarried person filing single. Calculate Zachary's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. 2016 Taxable Income Gross income • Zachary will earn $80,965 in wages this year....
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FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
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