Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2) Standard DeductionsSingle taxpayers and married taxpayers filing separately: $6,300• Married taxpayers filing jointly: $12,600• Head of household: $9,300●Exemption amount: $4,050 per exemption claimed• Additional standard deduction for taxpayers who are blind or over age 65: $1,250for married taxpayers or $1,550 for unmarried taxpayers

Taxable Income The Internal Revenue Service (IRS) imposes the federal income tax in the United…

Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2)

Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 18CE

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Question

Standard Deductions
Single taxpayers and married taxpayers filing separately: $6,300
• Married taxpayers filing jointly: $12,600
• Head of household: $9,300
●
Exemption amount: $4,050 per exemption claimed
• Additional standard deduction for taxpayers who are blind or over age 65: $1,250
for married taxpayers or $1,550 for unmarried taxpayers

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