Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2) ### Standard Deductions- **Single taxpayers and married taxpayers filing separately:** $6,300- **Married taxpayers filing jointly:** $12,600- **Head of household:** $9,300---- **Exemption amount:** $4,050 per exemption claimed- **Additional standard deduction for taxpayers who are blind or over age 65:** - $1,250 for married taxpayers - $1,550 for unmarried taxpayers

Taxable Income The Internal Revenue Service (IRS) imposes the federal income tax in the United…

Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2)

Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages, $1,588; $1,250 IRA contribution; $4,898 mortgage interest; $1,112 property tax; $442 charitable contributions. He files head of household and claims two exemptions. (Use Figure 7.2)

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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Question

### Standard Deductions

- **Single taxpayers and married taxpayers filing separately:** $6,300
- **Married taxpayers filing jointly:** $12,600
- **Head of household:** $9,300

---

- **Exemption amount:** $4,050 per exemption claimed

- **Additional standard deduction for taxpayers who are blind or over age 65:**
- $1,250 for married taxpayers
- $1,550 for unmarried taxpayers

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