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Find the gross income, the adjusted gross income, and the taxable income.

Find the gross income, the adjusted gross income, and the taxable income.

FINANCIAL ACCOUNTING
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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Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages of $87,200, received $2680 in interest from a savings account and contributed $3200 to a tax-deferred savings plan. He is entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $11,700, he paid $4300 in property taxes and $5220 in state taxes, and he contributed $15,000 to charity. O $89,880; $86,680; $46,140 $89,880; $86,680; $46,410 $89,880; $86,860; $46,410 $89,800; $86,680; $46,400
Transcribed Image Text:Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages of $87,200, received $2680 in interest from a savings account and contributed $3200 to a tax-deferred savings plan. He is entitled to a personal exemption of $4050 and a standard deduction of $6300. The interest on his home mortgage was $11,700, he paid $4300 in property taxes and $5220 in state taxes, and he contributed $15,000 to charity. O $89,880; $86,680; $46,140 $89,880; $86,680; $46,410 $89,880; $86,860; $46,410 $89,800; $86,680; $46,400
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