Question

Ross Martin arrived at the following tax information gross salary 56,145 interest earnings 205 dividend income 65 standard deduction 12,000 itemized deductions 11,250 adjustments to income 1200 what amount with Ross report as taxable income income

Answer 1

The amount that Ross report as taxable income will be $31965.

What is a taxable income?

Taxable income refers to the base upon which an income tax system imposes the tax.

In other words, the taxable income is the income over which the government imposed tax. It includes some or all items of income and is reduced by expenses and other deductions.

From the information:

Gross salary = $56,145

Interest earnings = $205

Dividend income = $65

Standard deduction = $12,000

Itemized deductions = $11,250

Adjustments to income = $1,200

The taxable income is given by:

= Gross salary + Interest earnings + Dividend income - Standard deduction - Itemized deductions - Adjustment to income

= 56145 + 205 + 65 - 12000 - 11250 - 1200

= $31965

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