Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Dividend income, $140 Standard deduction, $12,400 Interest earnings, $75 Adjustments to income, $850 What amount would Daniel report as taxable income?

Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Dividend income, $140 Standard deduction, $12,400 Interest earnings, $75 Adjustments to income, $850 What amount would Daniel report as taxable income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Daniel Simmons arrived at the
following tax information:
Gross salary,
$62,250
Dividend income,
$140
Standard
deduction, $12,400
Interest earnings,
$75
Adjustments to
income, $850

What amount would Daniel report as
taxable income?

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