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A man earned wages of $50,400, received $1400 in interest from a savings account, and contributed $2500 to a tax deferred retirement plan. He was
A man earned wages of $50,400, received $1400 in interest from a savings account, and contributed $2500 to a tax deferred retirement plan. He was entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $8400, he contributed $2900 to charity, and he paid $1550 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.
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