Ross Martin arrived at the following tax information: Tax Information Gross salary Interest earnings Dividend income...

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Ross Martin arrived at the following tax information: Tax Information Gross salary Interest earnings Dividend income Standard

business accounting

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Answer 1

Answer #1

Gross income = Gross salary + Dividend income + Interest income

=58755+245+295

=59,295

Adjusted gross income = Gross income - Adjustments to income

=59,295-2100

=57,195

Taxable income = Adjusted gross income -( standard deduction or itemized deduction whichever is higher)

Taxable income = $57195-12000

Ross's taxable income =$45,195

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Answer 2

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