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23 January, 22:09

When Tanya files her tax return for the year 2017, she qualifies for a $6,350 exemption on her federal taxes because she is single. If Tanya made a gross income of $45,300 for 2017, what will her new taxable income be according to the IRS?

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  1. 23 January, 22:20
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    Her new taxable income according to IRS is:

    Taxable Income = $38950

    Step-by-step explanation:

    When Tania files for tax return, she is offered:

    Total Exemptions = $6350

    Total Deductions = $0 (Suppose $0, as it is not given in the question. If there is a value, write that instead of $0)

    Gross income of Tanya for the year 2017 is:

    Gross income = $45300

    Taxable income can be easily calculated for an individual person by deducting the total exemptions and deductions from the grosse income.

    Formular of Taxable Income is given as:

    Taxable Income = Gross Income - Total Exemptions - Total Deductions.

    Substitute the values to get the desired answer.

    Taxable Income = $45300 - $6350 - $0

    Taxable Income = $38950
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