A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to a aSTmer tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. e dedu ctiars 54 400 +1200 = 55600
A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to a aSTmer tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. e dedu ctiars 54 400 +1200 = 55600
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 2DQ
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