Taxable income for an individual is defined as A) total income reduced by the standard deduction. B) AGI reduced by deductions from AGI and personal and dependency exemptions. C) AGI reduced by itemized deductions. D) AGI reduced by personal and dependency exemptions. All of the following items are generally excluded from income except A) interest on corporate bonds. B) life insurance proceeds paid by reason of death. C) child support payments. D) interest on state local government bonds. All of the following items are deductions for adjusted gross income except A) rent and royalty expenses. B) alimony paid. C) trade or business expenses. D) state and local income taxes. Which of the following credits is considered a refundable credit? A) child and dependent care credit B) earned income credit C) lifetime learning credit D) adoption expense credit A single taxpayer provided the following information for 2016: What is taxable income? A) $62,950 B) $67,000 C) $66,950 D) $58,950