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?

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 1 year ago

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