Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
Nick Bontempo is single, claiming two exemptions. He is an iron worker earning $35,000 in wages per year. Last year he also earned $1,200 in cash dividends from his investments portfolio. Nick contributed $1,500 to his individual retirement account and gained $5,000 from the sale of 100 shares of Consolidated Widget stock. The stock sale was classified as a short-term sale, so it counts as ordinary income. His itemized deductions amounted to medical expenses of $1,250 in excess of IRS exclusions. $2,945 in real estate taxes. $2,500 in mortgage interest, and $300 in charitable contributions. From this information, calculate Nick's taxable income.
To calculate: The taxable income of person N, who is single and claims the two exemptions. He earned $35,000 wages with cash dividends of $1,200. He contributed to $1,500 retirement account and gained $5,000 with 100 shares. The medical expenses is $1,250 and $2,945 of real estate taxes and mortgage interest of $2,500 and $300 in charitable expenses.
Given Information:
Person N is single and claims the two exemptions. He earned $35,000 wages with cash dividends of $1,200. He contributed to $1,500 retirement account and gained $5,000 with 100 shares. The medical expenses is $1,250 and $2,945 of real estate taxes and mortgage interest of $2,500 and $300 in charitable expenses.
Formula used:
The formulas used for calculation are listed below:
Calculation:
Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. The followings steps are used to calculate as done below:
Step 1: The total income is calculated by the formula given below:
Step 2: It is needed to calculate the adjusted gross income which can be seen as done below:
Step 2: The standard deductions for single will be $6,200 which can be seen from the standard deduction table
Chapter 18 Solutions
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