In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of $500. Mary had adjustments/deductions for AGI of $2,500, and her itemized deductions for the year totaled $21,000. Mary had a QBI deduction of $1,000. Mary is entitled to a tax credit of $2,000. Mary is blind. What is Mary’s taxable income?
In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of $500. Mary had adjustments/deductions for AGI of $2,500, and her itemized deductions for the year totaled $21,000. Mary had a QBI deduction of $1,000. Mary is entitled to a tax credit of $2,000. Mary is blind. What is Mary’s taxable income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of $500. Mary had adjustments/deductions for AGI of $2,500, and her itemized deductions for the year totaled $21,000. Mary had a QBI deduction of $1,000. Mary is entitled to a tax credit of $2,000. Mary is blind.
What is Mary’s taxable income?
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