Ask Question
BusinessBusiness
18 June, 01:09

Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300. Her salary for the year was $170,600. What is her taxable income?

+5
Answers (1)
  1. 18 June, 02:50
    0
    Answer: $160,300

    Explanation: Taxable income refers to the amount of an individual's income upon which income taxes can be imposed. This means that an individual's income may be subjected to certain deductions before the income tax rate is being applied to what is left of such an individual's income. These deductions may be standard deductions or exemption.

    Standard deduction = $6,300

    Exemption = $4000

    Salary for the year = $170,600

    Taxable Income = Salary - Exemption - Standard deduction

    Taxable income = $ (170,600 - 6300 - 4000)

    Taxable income = $160,300
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300. Her salary ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Presented below is information for Wildhorse Co. for the month of January 2017 Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense $208,700 Rent expense 9,200 Sales discounts 12,700 Sales returns and
Answers (1)
When does the cost of inventory become an expense? A. When cash is collected from the customer B. When inventory is purchased from the supplier C. When inventory is delivered to a customer D. When payment is made to the supplier
Answers (1)
The demand for cigarettes is given by P = 450450 - 0.20.2Q. Cigarettes are manufactured at a constant marginal cost of 5050 and sold in a competitive market.
Answers (1)
Rocco earns $19.00 per hour for straight time (40 hours), and the company pays him time-and-a-half for overtime. he worked 49 hours at his job during the first week of march 2017. what was rocco's gross pay for the week?
Answers (1)
Determining the Debt Payments-to-Income Ratio. Louise McIntyre's monthly gross income is $2,000. Her employer withholds $400 in federal, state, and local income taxes and $160 in Social Security taxes per month.
Answers (1)
New Questions in Business
In year 1 the CPI is 140, and in year 2 the CPI is 154. From year 1 to year 2, Maria's salary rises from $43,000 to $48,000, and Daisy's salary rises from $65,000 to $70,000. Who is "more than keeping up with inflation"?
Answers (2)
Under a perpetual inventory system: a) purchases on account are debited to Purchases. b) purchase returns are debited to Purchase Returns and Allowances. c) freight costs are debited to Freight-Out. d) purchases on account are debited to Inventory.
Answers (1)
Prepare various types of budgets
Answers (1)
On October 1, 20X3, Green Corporation paid $450,000 for all of Yellow Company's outstanding common stock.
Answers (1)
What is the lowest level of the permanent party organization in texas?
Answers (1)
Home » Business » Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300. Her salary for the year was $170,600. What is her taxable income?
Sign Up Forgot Password?