Susie is single and has determined the following tax
information
for the year: regular gross salary - $30,000; customer tips -
$1,500 ($1,000 received
in her regular paychecks and $500 received in cash directly from
customers); cash gift
from her Papa - $2,000; interest earned - $20; Federal income tax
refund - $600;
Traditional IRA contribution - $1,000; personal exemption - $3,950;
itemized
deductions - $4,900; and standard deduction - $6,200.
Using the above facts, what is Susie’s federal taxable
income for the year?
Susie’s federal taxable income for the year:
Regular gross salary - $30,000
ADD: customer tips - $1,500
ADD: interest earned - $20
LESS: Traditional IRA contribution - $1,000
LESS: personal exemption and itemized deduction - $ 0
LESS: standard deduction - $ 12000
Federal taxable income = $ 19,520
Susie is single and has determined the following tax information for the year: regular gross salary...
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