Question
Mary is single and earned a salary of $57,250 in 2013. She also earned $200 in savings interest and contributed $4,200 to a retirement account.
Mary is single and earned a salary of $57,250 in 2013. She also earned $200 in savings interest and contributed $4,200 to a retirement account. She donated $875 to charities, paid $3,150 in mortgage interest, and paid $600 in state taxes. Using the 2013 Marginal Tax Rate table from your textbook, compute Mary's gross income, adjusted gross income, and taxable income. Remember to compare the itemized deductions to the standard deduction and choose whichever is most beneficial for Mary. Also remember Mary's personal exemption. Gross Income = $_ 57450_____(Do not use commas.) 57450-3900-6100 Adjusted Gross Income = $_______(Do not use commas.) Taxable Income = $_________(Do not use commas.)
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