Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes.Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2023. Estimate Trevor's taxable income for each of the next two years using the 2023 amounts for the standard deduction. **Scenario Description:**Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2023. Estimate Trevor's taxable income for each of the next two years using the 2023 amounts for the standard deduction. **Note:** Amounts to be deducted should be indicated with a minus sign.**Table Overview:**| | 2023 | 2024 ||---------------|------|------|| **Salary** | | || **Itemized deductions** | | || **Standard deduction** | | || **Taxable income** | $ 0 | $ 0 || **Total taxable income for the two years** | |This table is designed to help estimate and track Trevor's taxable income over two years, considering his choice to consolidate charitable contributions in 2023. The entries primarily include placeholders for salary, itemized deductions, and standard deduction for both 2023 and 2024. The resulting taxable income is calculated for each year, with special instructions to mark any deduction amounts with a minus sign.

Taxable income is the individual's income on which he or she would be taxed.Taxable income is determined after deductions for adjusted gross income and deductions for either standard deduction or itemized deduction, which ever is higher.Itemized deductions can include property taxes, qualified business income, interest income, etc.Calculation of total taxable income for the two years:20232024Salary$98,000 $98,000Itemized deductions$20,450$3,250Standard deduction$13,850$13,850Less: Greater of Itemized Deduction over Standard Deduction$20,450Less: Greater of Standard Deduction over Itemized Deduction$13,850Taxable income$77,550$84,150Total taxable income for the two years$161,700Working note:Compute the itemized deductions by multiplying the charity contribution by 2 and adding the state income tax with the resulting value.Answer :Total taxable income for the two years :20232024Salary$98,000 $98,000Itemized deductions$20,450$3,250Standard deduction$13,850$13,850Less: Greater of Itemized Deduction over Standard Deduction$20,450Less: Greater of Standard Deduction over Itemized Deduction$13,850Taxable income$77,550$84,150Total taxable income for the two years$161,700