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Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right.
Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A woman is single and earned wages of $40,100. She received $320 in interest from a savings account. She contributed $570 to a tax-deferred retirement plan. She had $5620 in itemized deductions from charitable contributions. Her gross income is $ (Simplify your answer.)
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