1. The Tax Formula for Individuals (LO 1.3)

Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his itemized deductions total $19,000. What taxable income will Ramon show in 2019?

a.$85,800

b.$74,950

c.$79,000

d.$74,850

e.$87,650

.

2. The Tax Formula for Individuals (LO 1.3)

Which of the following is a deduction for adjusted gross income in 2019?

a.Medical expenses.

b.Charitable contributions.

c.Personal casualty losses.

d.Student loan interest.

e.None of these choices are correct.