   Chapter 18, Problem 20AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the missing Information for the following taxpayers. Filing Status Adjustment Adjusted Gross (circle your choice) Standard Itemized Exemption Taxable Name (Exemptions) Income to Income Income Deduction Deductions Allowance Income 20. Chong Head of household (4) $38,100$35,650 $5,930 To determine To calculate: The adjustments to income, standard deduction, exemption allowance and taxable income of Chong who is head of household and claiming four exemptions. He is earning$38,100 per year and adjustment gross income is $35,650 and his itemized deductions are$5,930.

Explanation

Given Information:

The total earning of Chong is $38,100 per year and he is claiming four exemption. Adjustment gross income is given as$35,650 and itemized deduction is $5,930. Formula used: Procedure to calculate taxable income for individuals is given below. Step 1: Find total income by adding all sources of taxable income. Step 2: Calculate adjusted gross income by subtracting the sum of all adjustments to income from total income. Step 3: From the adjusted gross income subtract the sum of the itemized deductions or the standard deduction (whichever is larger). Standard DeductionsSingle or Married filing seperately$6,200Married filing jointly or Qualifying widow(er) with dependent child$12,400Head of household$9,100

Step 4: Multiply $3,950 by the total number of exemptions claimed and subtract from the outcome of step 3 and this result is called taxable income. Calculation: Step 1: Total income of Chong is$38,100 per year and there is no other source of income for him

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