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Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16, Exhibit 1.2): Single taxpayer Life insurance proceeds received (excluded income)
Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16, Exhibit 1.2):
Single taxpayer
Life insurance proceeds received (excluded income) $4,000
W-2 Wages $52,000
Deductions for AGI $1,000
Potential Itemized Deductions 4,000
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Financial Accounting
Authors: Thomas Dyckman, Robert Magee, Glenn Pfeiffer
3rd Edition
1934319600, 978-1934319604
