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During 2023, Mark, who is single with no dependents had the following transactions: The standard deduction for single filers in 2023 was $13,850. Salary $70,000
During 2023, Mark, who is single with no dependents had the following transactions:
The standard deduction for single filers in 2023 was $13,850.
Salary | $70,000 |
Interest income on IBM bonds | 1,000 |
Interest paid on student loans | 1,000 |
Contribution to traditional IRA | 2,500 |
Itemized deductions | 10,500 |
Mark's taxable income is:
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