Ask Question
19 June, 02:43

Ross Martin arrived at the following tax information: Tax Information Gross salary $ 49,300 Interest earnings 500 Dividend income 140 One personal exemption 3,950 Itemized deductions 8,740 Adjustments to income 1,690 What amount would Ross report as taxable income?

+1
Answers (1)
  1. 19 June, 03:03
    0
    The taxable income is $35,560

    Explanation:

    In this question, we are asked to calculate the amount which Ross will report as taxable income.

    We proceed as follows;

    Firstly, we calculate adjusted gross income

    Mathematically, adjusted gross income = Gross income - Adjustments

    = ($49,300 + 500 + 140) - 1690 = $48,250

    Taxable income = Adjusted gross income - Personal exemption - itemized deductions

    = 48,250 - 3,950 - 8,740 = $35,560
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Ross Martin arrived at the following tax information: Tax Information Gross salary $ 49,300 Interest earnings 500 Dividend income 140 One ...” 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