4. Calculating taxable income For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating Lynns Taxable Income Lynn is an unmarried person filing single. Calculate Lynns 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. If your answer is zero, enter "0". Lynn will earn $80,965 in wages this year. She contributed $4,000 to an IRA. She received a gift from her parents to put a down payment on a new car totaling $5,000. She uses the standard deduction. She donated $1,000 to charity. She is entitled to one exemption.

2016 Taxable Income	Show How You Got Your Answers
Gross income	$__________________
Less: Adjustments to income	-___________________
Adjusted gross income	$__________________
Less: Deductions	-___________________
Subtotal	$__________________
Less: Exemptions	-___________________
Taxable income	$__________________