afstnent35. A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to atax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. Theinterest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find hisgross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard(Simpily your anawer.) < 54,400+1200= 55,600(Simplily your answer)55,600 -350 0 =52,100(Simplity your answer.)- 52,100 - (12350t 3800)deduction or an itemized deduction.Iteuize dedu ch asHis gross income is $55,60084002700l250His adjusted gross income is $52,100(Simplify your answer.)His taxable income is $35,950The prmoneinalis borrotheremp In question # 35, how much isthe total itemized deductionthat is used to find taxableincome? What is taxableincome?

Itemized deduction includes: 1. Interest expense: Home Mortgage interest on acquisition in debtness.…

A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to a aSTmer tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. e dedu ctiars 54 400 +1200 = 55600

A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to a aSTmer tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. e dedu ctiars 54 400 +1200 = 55600

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 2DQ

See similar textbooks