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Income Components Amount (USD) Salary $170,000 Investment Income $50,000 Rental Income $45,000 Deductions and Exemptions ($70,000) ____________________________ Taxable Income $195,000 Requirements: Identify the sources of



  • Income ComponentsAmount (USD)
    Salary$170,000
    Investment Income$50,000
    Rental Income$45,000
    Deductions and Exemptions($70,000)
    ____________________________
    Taxable Income$195,000

    Requirements:

    1. Identify the sources of income for an individual including salary, investment income, and rental income.
    2. Determine the deductions and exemptions totaling $70,000.
    3. Calculate the taxable income.
    4. Present all amounts in USD.

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