Alex gross income is $104,000. He contributes $7,000 per year to a 401k plan. He takes the standard deduction of $ 6,350 and an exemption of $4,050. What is Alex's adjusted gross income? What is Alex's taxable income?

Alex gross income is $104,000. He contributes $7,000 per year to a 401k plan. He takes the standard deduction of $ 6,350 and an exemption of $4,050. What is Alex's adjusted gross income? What is Alex's taxable income?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

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