Toshiomi works as a sales representative and travels extensively for his employer's business. This year Toshiomi was paid $75,000 in salary and made the following expenditures: State income taxes withheld$6,300Employee business expenses (unreimbursed portion)1,450Charitable cash contributions200Investment counseling fees780Tax preparation fee310 Toshiomi also made a number of trips to Las Vegas for gambling. This year Toshiomi won $12,000 in a poker tournament and this amount was almost enough to offset his other gambling losses ($13,420). Calculate Toshiomi's taxable income if he files single.

Taxable income is the income earned during a year and if the income earned is above the specified…

Answered: Toshiomi works as a sales…

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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Toshiomi works as a sales representative and travels extensively for his employer's business. This year Toshiomi was paid $75,000 in salary and made the following expenditures:


State income taxes withheld	$6,300
Employee business expenses (unreimbursed portion)	1,450
Charitable cash contributions	200
Investment counseling fees	780
Tax preparation fee	310

Toshiomi also made a number of trips to Las Vegas for gambling. This year Toshiomi won $12,000 in a poker tournament and this amount was almost enough to offset his other gambling losses ($13,420). Calculate Toshiomi's taxable income if he files single.

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