60 QUESTION 6 61 62 63 64 65 66 Calculate Sam's taxable income based on the...

Question

Question

Answer 1

Answer #1

Given details

Salary earned :$125500

Interest on saving account:$650

Loss on sale of car : $2000 which is capital loss cannot be setoff with business income it can be setoff with capital gain only so carried forward

Interest on muncipal bonds:$5500 which is expemted not taxable

Deductions deductable:$9500

So taxable Income: $125500+$650-$9500

=$116650

so answer E is correct

Answer 2

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