During the current year, Ted takes out a $50,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $4,000 interest on the loan. Ted also reports the following for the year: View the information. View the standard deduction schedule. Ted is single. What is his net taxable income? Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Information STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,400 * Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $400 or (2) $1,150. During the current year, Ted takes out a $50,000 loan, using stock he owns as collateral. He uses $10,000 to purchase a car, which he uses 100% for personal use. He uses the remaining funds to purchase stocks and bonds. He pays $4,000 interest on the loan. Ted also reports the following for the year: View the information. View the standard deduction schedule. Ted is single. What is his net taxable income? Begin by calculating the adjusted gross income (AGI). (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Information STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,400 * Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $400 or (2) $1,150