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Question

The following four taxpayers have listed their allowable exemptions and deductions. Calculate the total exemptions and deductions. Then find the taxable income in each case.

Item | Exemptions and Deductions | Total Exemptions and Deductions | Total Income | Taxable Income |
---|---|---|---|---|

Exemptions for taxpayer and dependents | $\$7,500$ | $\underline{\qquad \qquad}$ | $\$ 79,421$ | $\underline{\qquad \qquad}$ |

Interest paid | $856$ | |||

Gifts | $939$ |

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 2Compute the total exemptions and deductions.

$\begin{aligned} \$\ \ 7,500\\ 856\\ +\ \ 939\\ \hline\ \$ \ \ 9,295 \end{aligned}$

Therefore, the total exemptions and deductions is $\$9,295$.

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