(Solved) Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on ...

Question 1.

Find the gross income, the adjusted gross income, and the taxable income.

A taxpayer earned wages of $65,100, received $840 in interest from a savings account, and contributed $2300 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3500 and had deductions totaling $5680.

▸ $65,940; $63,640; $54,460

▸ $68,240; $64,740; $60,140

▸ $68,240; $64,740; $59,060

▸ $65,940; $63,640; $60,140

Question 2.

Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.

Suppose your friend earned wages of $93,260, received $1340 in interest from a savings account, and contributed $6300 to a tax-deferred retirement plan. She is entitled to a personal exemption of $3500 and a standard deduction of $7800. The interest on her home mortgage was $4500, she contributed $2500 to charity, and she paid $1359 in state taxes.

▸ $94,600; $88,300; $76,441

▸ $94,600; $88,300; $77,000

▸ $100,900; $97,400; $89,041

▸ $100,900; $97,400; $89,600

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Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on ...

Thinking Mathematically

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