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11. You earn $65,000/year in your first job after graduating from Texas Tech. You contribute $500/month...

11. You earn $65,000/year in your first job after graduating from Texas Tech. You contribute $500/month to your retirement account. You have itemized deductions of: Property tax = $3,250; Charitable contributions = $800; State sales tax = $950; Mortgage interest = $1,725. Assume you are filing single and the Standard Deduction is $12,400. What is your taxable income?

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Expert Solution

Filing status Single
Particulars Amount Amount
Gross income:
Salary $          65,000
Interest $                   -  
Gross income $          65,000
For AGI deductions $            6,000
Adjusted gross income $          59,000
Less:
Standard deduction $          12,200
Itemized deduction $            6,725
Higher of the two $          12,200
Taxable income $          46,800

Taxable income is 46,800

please rate.

jeff jeffy answered 2 years ago
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