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Using the 4 step process, compute Taxable Income based on the following items below: Salaries 150,000 Company Car from employer 10,000 Company Education Reimbursement from
Using the 4 step process, compute Taxable Income based on the following items below:
| Salaries | 150,000 |
| Company Car from employer | 10,000 |
| Company Education Reimbursement from employer | 15,000 |
| Investment Interest Income | 2,500 |
| Traditional IRA Contribution | 5,500 |
| Qualified Business Income | 50,000 |
| Home Mortgage interest | 5,500 |
| Property Taxes | 4,500 |
| State Taxes | 5,000 |
| Local Taxes | 2,500 |
| Medical Expenses | 3,000 |
| Charitable Contributions | 1,500 |
| Standard Deduction (Married Filing Jointly | 24,000 |
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