Subject: Accounting Problem:Naveena Smith is a single individual. Sheclaims a standard deduction of $12,000. Hersalary for the year was $134,750. What is hertaxable income?

Explanation of Standard Deduction: Standard deduction, set at $12,000 in this case, is a specific…

Answered: Problem: Naveena Smith is a single…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 30P

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Naveena 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?
Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050
Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If personal exemptions for the year are $3,700 each and the standard deduction is $5,800, what is Sally's taxable income? a. $ 37,225 b. $43,028 c. $47,300 d. $ 41,500
( explain all option with proper Correct answer. )
What is her taxable income

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Problem: Naveena 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?