Maria had exemptions of $4,000 for herself and dependents. Her deductions include $12,500 for damage caused to her house by a lightning storm, $500 for charitable contributions, and property taxes of $1,500. What is her taxable income if she has an income of $62,500?

$81,000

$62,500

$44,000

$50,000

Question

Mathematics

Nancy Cooley

23 October, 02:20

Maria had exemptions of $4,000 for herself and dependents. Her deductions include $12,500 for damage caused to her house by a lightning storm, $500 for charitable contributions, and property taxes of $1,500. What is her taxable income if she has an income of $62,500?

$81,000

$62,500

$44,000

$50,000

+1

Answers (1)

Know the Answer?

Brendon Durham · Answer 1

Total exemptions and deductions:

exemption for herself and dependents : 4,000

uninsured loss or damage due to fire: 12,500

Property tax paid 1,500

Charitable contributions 500

18,500

Total Income : 62,500

less: total exemptions and deductions: 18,500

Taxable Income 44,000

Maria had exemptions of $4,000 for herself and dependents. Her deductions include $12,500 for damage caused to her house by a lightning storm, $500 for charitable contributions, and property taxes of $1,500. What is her taxable income if she has an income of $62,500?$81,000$62,500$44,000$50,000