Maureen Smith is a single individual. She claims a standard deduction of$12,000. Her salary for the year was $134,750. What is her taxable income?a. $105,698b. $120,620c. $122,750d. $121,863e. $129,324

Standard deduction is the amount which is reduced from the income to get the taxable income Taxable…

Answered: Maureen Smith is a single individual.…

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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Maureen Smith is a single individual. She claims a standard deduction of $12,000. Her salary for the year was $134,750. What is her taxable income? a. $105,698 b. $120,620 c. $122,750 d. $121,863 e. $129,324