Question

Imari Brown arrived at the following tax information: Tax Information Gross salary Additional small business income Interest earnings Dividend income Standard deduction Itemized deductions Adjustments (subtractions) to income $ 36,145 10,000 205 65 12,000 14,250 5,000 What amount would Imari report as taxable income? Answer is complete but not entirely correct. Taxable income $ 27,165

Answer 1

Particulars	Amount (in $ )
Gross salary	$ 36,145
Additional small business income	$ 10,000
Interest earnings	$ 205
Interest earnings	$ 65
Gross income	$ 46,415
Less: Adjustments	($ 5,000)
Adjusted Gross Income	$ 41,415
Less: itemized deductions	($ 14,250 )
Less: Qulified business Income Deduction          ( $ 10,000 x 20% )	($ 2,000)
Taxable income	$ 25,165