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Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings, $205` Dividend income, $65 Standard deduction, $12,000 Itemized deductions, $11,250 Adjustments to
Gross salary, $56,145 Interest earnings, $205` Dividend income, $65 Standard deduction, $12,000 Itemized deductions, $11,250 Adjustments to income, $1,200 What amount would Ross report as taxable income?
Donations to church and other charities, $6,050 Medical and dental expenses that exceed 10 percent of adjusted gross income, $2,400 State income tax, $4,690
5. Explain the difference between a short-term capital gain and a long-term capital gain. |
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