In 34, find the gross income, the adjusted gross income, and the taxable income. Base
Chapter 8, Problem 3(choose chapter or problem)
In Exercises 3 – 4, find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.
Suppose your neighbor earned wages of $86,250, received $1240 in interest from a savings account, and contributed $2200 to a tax-deferred retirement plan. She is entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $8900, she contributed $2400 to charity, and she paid $1725 in state taxes.
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