A woman earned wages of $34,200, received $2900 in interest from a savings account, and contributed $4000 to a tax-deferred retirement plan. She was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $7500, she contributed $2300 to charity, and she paid $2000 in state taxes. Find her gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction
A woman earned wages of $34,200, received $2900 in interest from a savings account, and contributed $4000 to a tax-deferred retirement plan. She was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $7500, she contributed $2300 to charity, and she paid $2000 in state taxes. Find her gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 38P
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A woman earned wages of $34,200, received $2900 in interest from a savings account, and contributed $4000 to a tax-deferred retirement plan. She was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $7500, she contributed $2300 to charity, and she paid $2000 in state taxes. Find her gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction
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