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28 June, 18:04

Emma, a single taxpayer, obtains permission to change from a calendar year to a fiscal year ending June 30, 2019. During the six months ending June 30, 2019, she earns $40,000 and has $8,000 of itemized deductions. What is the amount of her annualized income

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  1. 28 June, 18:12
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    The amount of her annualized income = $64,000

    Explanation:

    Given:

    Six month income = $40,000

    Total deduction during six month = $8,000

    The amount of her annualized income = ?

    Computation of the amount of her annualized income:

    The amount of her annualized income = (Six-month income - Total deduction during six months) * 12/6

    The amount of her annualized income = ($40,000 - $8000) * 12/6

    The amount of her annualized income = ($32,000) * 12/6

    The amount of her annualized income = $384,000 / 6

    The amount of her annualized income = 64,000
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Home » Business » Emma, a single taxpayer, obtains permission to change from a calendar year to a fiscal year ending June 30, 2019. During the six months ending June 30, 2019, she earns $40,000 and has $8,000 of itemized deductions.
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