Bill is a single taxpayer. In 2010, his salary is $28,500 and he has interest income of
Question:
Bill is a single taxpayer. In 2010, his salary is $28,500 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of
$2,100 and he has $6,250 of itemized deductions. If Bill claims one exemption for this year, calculate the following amounts:
1. Gross income $ ________________ 2. Adjusted gross income $ ________________ 3. Standard deduction or itemized deduction amount $ ________________ 4. Taxable income $ ________________
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Related Book For
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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