In: Accounting
Calculate taxable income for Rod Thirion, who files head of household and claims 3 exemptions: salary, $59,800; wages, $25,200; capital gains, $12,500; mortgage interest, $12,970; charitable contributions, $410
Particulars | Amount | Amount |
Gross income: | ||
Salary | $ 59,800 | |
Wages | $ 25,200 | |
Capital gains | $ 12,500 | |
Gross income | $ 97,500 | |
For AGI deductions | $ - | |
Adjusted gross income | $ 97,500 | |
Less: | ||
Standard deduction | $ 18,350 | |
Itemized deduction | $ 13,380 | |
Higher of the two | $ 18,350 | |
Taxable income | $ 79,150 |
Answer is 79,150