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14 August, 11:39

Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Interest earnings, $75 Dividend income, $140 One personal exemption, $4,050 Itemized deductions, $7,000 Adjustments to income, $850 What amount would Daniel report as taxable income?

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  1. 14 August, 12:02
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    Daniel should report $50,565 as taxable income

    Explanation:

    Gross salary $62,250

    Interest earnings $75

    Dividend income $140

    One personal exemption $4,050

    Itemized deductions $7,000

    Adjustments to income $850

    Taxable Income = Gross profit + Dividend Income + Interest Earning - Adjustment to Income - One Exemption - Itemized Deduction

    T. I = 62,250 + 140 + 75 - 850 - 4050 - 7000

    T. I. = $50,565
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