In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss.
Table for the standard deduction Filing Status 2016 Standard Deduction
Single $ 6,300
Married, filing jointly 12,600
Married, filing separately 6,300
Head of household 9,300
Qualifying widow (er) 12,600
Calculate the following amounts for Lou:
a. Adjusted gross income $
b. Standard deduction $
c. Exemption $
d. Taxable income
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Due to a number of lawsuits related to toxic wastes, a major chemical manufacturer has recently experienced a market reevaluation.
Answers (1)
fixed expenses are expenses that do not change from month to month and variable expenses are expenses that can fluctuate from to month to month complete the second column of the chart by determining if each expense is fixed or variable
Answers (1)
1. Distinguish between evolutionary change and revolutionary change. Provide an example where managers might implement each type of change.
Answers (1)
Henry Inc., a manufacturing firm, is able to produce 1,000 pairs of sneakers per hour, at maximum efficiency. There are three eight-hour shifts each day. Due to unavoidable operating interruptions, production averages 800 units per hour.
Answers (1)
Cinder Company had the following department information for the month: Total materials costs $ 60,000 Equivalent units of materials 10,000 Total conversion costs $90,000 Equivalent units of conversion costs 20,000 How much is the total manufacturing
Answers (1)
New Questions in Business
Marin Inc. has an investment in trading securities of $143000. This investment experienced an unrealized loss of $7300 during the current year.
Answers (1)
Jim Bob Airlines has one 57 seat plane. On its last five flights it had 44 passengers from MSY to DFW, 49 passengers from DFW to OKL, 36 passengers from OKL to TUL, 30 passengers from TUL to FWB, and 49 passengers from FWB to MSY.
Answers (1)
All of the following are stakeholders of a firm, except
Answers (2)
A country currently has an outstanding debt of $45 billion. Its current-year expenditures are $12 billion and its tax revenue is $14 billion.
Answers (1)
Yakov left his job as a plumber when his wife took a position in another region. the quantity of plumbing services demanded is considerably lower in the new region, in part because of high union-negotiated wages.
Answers (1)