Ask Question
31 March, 02:22

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

+4
Answers (1)
  1. 31 March, 04:36
    0
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Emma, a single taxpayer, obtains permission to change from a calendar year to a fiscal year ending June 30, 2019. During the six months ...” 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