A man earned wages of $38,000, received $1900 in interest from a savings aCcount, and contributed $2600 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $9000, he contributed $2800 to charity, and he paid $1850 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. ..... His gross income is S. (Simplify your answer.) His adjusted gross income is S (Simplify your answer.) His taxable income is $ (Simplify your answer.)
A man earned wages of $38,000, received $1900 in interest from a savings aCcount, and contributed $2600 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $9000, he contributed $2800 to charity, and he paid $1850 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. ..... His gross income is S. (Simplify your answer.) His adjusted gross income is S (Simplify your answer.) His taxable income is $ (Simplify your answer.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A man earned wages of $38,000, received $1900 in interest from a savings account, and contributed $2600 to a tax-deferred retirement plan. He was entitled to a
personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $9000, he contributed $2800 to charity, and he paid
$1850 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an
itemized deduction.
His gross income is S
(Simplify your answer.)
His adjusted gross income is S (Simplify your answer.)
His taxable income is $
(Simplify your answer.)
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