Question
In 2018, George, a single individual received taxable wages from his job of $52,000. He also sold his personal vehicle for $4,000 that he originally
In 2018, George, a single individual received taxable wages from his job of $52,000. He also sold his personal vehicle for $4,000 that he originally paid $6,000 to purchase. George also received an inheritance from his grandmother in the amount of $100,000. His itemized deductions total $8,500 for the entire year. George had no other investments or income for the year. What is Georges Taxable Income?
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$37,800
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$38,000
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$39,800
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$42,800
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$48,000
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$56,000
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$137,800
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$139,800
Please show work on how to calculate taxable income. Answer is $39,800, but do not understand. I keep getting a different calculation.
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