Xialu is a single taxpayer who is under age 65 and in good health. For 2020, she has a salary of $25,000 and itemized deductions of $7,000. Xialu allows her mother to live with her during the winter months (3–4 months per year), but her mother provides all of her own support otherwise. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 a. How much is Xialu's adjusted gross income? $fill in the blank b. In order to minimize taxable income, Xialu will _______ in the amount of $fill in the blank c. What is the amount of Xialu's taxable income? $fill in the blank
Xialu is a single taxpayer who is under age 65 and in good health. For 2020, she has a salary of $25,000 and itemized deductions of $7,000. Xialu allows her mother to live with her during the winter months (3–4 months per year), but her mother provides all of her own support otherwise. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 a. How much is Xialu's adjusted gross income? $fill in the blank b. In order to minimize taxable income, Xialu will _______ in the amount of $fill in the blank c. What is the amount of Xialu's taxable income? $fill in the blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Xialu is a single taxpayer who is under age 65 and in good health. For 2020, she has a salary of $25,000 and itemized deductions of $7,000. Xialu allows her mother to live with her during the winter months (3–4 months per year), but her mother provides all of her own support otherwise.
Table for the standard deduction
|
a. How much is Xialu's adjusted gross income?
$fill in the blank
b. In order to minimize taxable income, Xialu will _______ in the amount of $fill in the blank
c. What is the amount of Xialu's taxable income?
$fill in the blank
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