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Barney is a salaried employee making $85,200 anmually. He gefs two weeks paid vacation each year. and he gets paid twice a month (on the
Barney is a salaried employee making $85,200 anmually. He gefs two weeks paid vacation each year. and he gets paid twice a month (on the l4 and the 15in. He contributes 10% of his gross income to his 401(k ). He owns a home and paid $11,000 in mortgage interest last year, as well as $4,600 in property taxes and $400 in DMV fees. He will file his taxes as single. 1) What is Barnoy's gross income for the year? 2) After his 401 (k) contributions, what is Barney's AGI? 2. 3) Should Barney take the standard deduction of S12,550 or itemize his deductions? 3. 4) Afler deductions, what is Barney's taxable income
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