Answered

Join IDNLearn.com and start exploring the answers to your most pressing questions. Join our community to receive timely and reliable responses to your questions from knowledgeable professionals.

Tanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $800 for her student loan and $1200 for an IRA. She had the following income: Wages $22,594 Bank interest $320 Unemployment $250 Alimony (Pre 2018) $2,400 What is her taxable inccome

Sagot :

Anthougoidn

Answer:

Tanya

Taxable Income is:

$23,564

Explanation:

a) Data and Calculations:

Gross Income:

Wages                       $22,594

Bank interest                 $320

Unemployment             $250

Alimony (Pre 2018)    $2,400

Total gross income $25,564

Claim adjustments:

Student loan interest  ($800)

IRA                               (1,200)

Taxable income      $23,564

b) Tanya's taxable income is the amount of income that will be used to calculate how much tax she owes to the government in a given tax year. It is generally described as the adjusted gross income because it is her total income, known as her “gross income,” minus any deductions or exemptions allowed in that tax year.

We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. IDNLearn.com has the solutions to your questions. Thanks for stopping by, and come back for more insightful information.