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Please fill in amounts For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing
Please fill in amounts
For 2016, the personal exemption amount is $4,050. The 2016 standard deduction is $6,300 for unmarried taxpayers or married taxpayers filing separately, $12,600 for married taxpayers filing jointly, and $9,300 for taxpayers filing as head of household. Calculating George's Taxable Income George is an unmarried person filing single. Calculate George's 2016 taxable income by filling in the worksheet. Enter adjustments, deductions, and exemptions as negative numbers. If your answer is zero, enter "O". George will earn $70,965 in wages this year. He estimates dividend and interest income at $250. He itemizes deductions. He paid mortgage interest of $7,893. His state and local taxes were $2,560. He is entitled to one exemption. He donated $1,000 to charity. 2016 Taxable Income Gross income $ Less: Adjustments to income Adjusted gross income $ Less: Deductions Subtotal $ Less: Exemptions -4,050 Taxable incomeStep by Step Solution
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