contestada

Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300. Her salary for the year was $170,600. What is her taxable income?

Respuesta :

fichoh

Answer: $160,300

Explanation: Taxable income refers to the amount of an individual's income upon which income taxes can be imposed. This means that an individual's income may be subjected to certain deductions before the income tax rate is being applied to what is left of such an individual's income. These deductions may be standard deductions or exemption.

Standard deduction = $6,300

Exemption = $4000

Salary for the year = $170,600

Taxable Income = Salary- Exemption -Standard deduction

Taxable income = $(170,600 - 6300 - 4000)

Taxable income = $160,300

Otras preguntas