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. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.

  1. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.
Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.
Salary
Itemized deductions
Standard deduction
Taxable income
Total taxable income for the two years
69
$
2023
0
$
2024
Transcribed Image Text:Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years. Salary Itemized deductions Standard deduction Taxable income Total taxable income for the two years 69 $ 2023 0 $ 2024
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