Daniel Simmons arrived at the following tax information:

Gross salary $ 62,250 Interest earnings $ 75
Dividend income $ 140 Adjustments to income $ 850
Standard deduction $ 12,400

What amount would Daniel report as taxable income?

Question

15-06-2022
Business

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Daniel Simmons arrived at the following tax information:

Gross salary $ 62,250 Interest earnings $ 75
Dividend income $ 140 Adjustments to income $ 850
Standard deduction $ 12,400

What amount would Daniel report as taxable income?

Respuesta :

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chilljain33 chilljain33 · Answer 1 · 2022-06-20T07:27:58+02:00

The net taxable income of Daniel Simmons for the income statement given above will be $50,915.

What is net taxable income?

The total amount on which income tax is to be paid by the assessee during a particular financial period is known as the net taxable income of such individual.

Using the given information into the formula below,

Net Taxable Income = Gross Salary+Interests and Dividends earned+Adjustments-Standard Deduction

Net Taxable Income = $(62250+75+140+850-12400)

Net Taxable Income = $50,915

Hence, the net taxable income is as computed above.

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Daniel Simmons arrived at the following tax information: Gross salary $ 62,250 Interest earnings $ 75 Dividend income $ 140 Adjustments to income $ 850 Standard deduction $ 12,400 What amount would Daniel report as taxable income?

Respuesta :

What is net taxable income?

Otras preguntas

Daniel Simmons arrived at the following tax information:

Gross salary $ 62,250 Interest earnings $ 75
Dividend income $ 140 Adjustments to income $ 850
Standard deduction $ 12,400

What amount would Daniel report as taxable income?