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Consider the following financial information for an engineer: Age: 25 Status: Single, no children Gross Income: $54,000 401k investment: $4000 Residential status: Renting Total eligible
Consider the following financial information for an engineer:
Age: 25 Status: Single, no children Gross Income: $54,000 401k investment: $4000 Residential status: Renting Total eligible itemized deductions: $3000 for charitable donations
What is the taxable income? (IF you need to use them, assume the standard deduction for single is $12000 and married is $24000).
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