Use the following information and the flow chart from the module to calculate: Adjusted gross income AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household
Use the following information and the flow chart from the module to calculate: Adjusted gross income AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household
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Transcribed Image Text:Use the following information and the flow chart from the module to calculate: Adjusted gross income (
AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the
following information for the current tax year. Assume they do not itemize and they file as head of
household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000
Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and
Dependent Care Tax credit, $3,000 Filing status: Head of Household
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