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Course Name: Tax and Zakat Accounting Course Code: ACCT 422 Q2. Richard is a single taxpayer provided the following information for 2013: Salary $88,000 Interest

Course Name: Tax and Zakat Accounting

Course Code: ACCT 422

Q2. Richard is a single taxpayer provided the following information for 2013:

Salary

$88,000

Interest on local government bonds (qualifies as a tax exclusion)

$7000

Allowable itemized deductions

$15,000

Personal exemption

$3,900

Required:

What is his taxable income?

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