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15 August, 08:35

Imari Brown arrived at the following tax information:

Tax Information Gross salary $ 41,595

Additional small business income 12,000

Interest earnings 255

Dividend income 115

Standard deduction 12,000

Itemized deductions 14,350

Adjustments (subtractions) to income 7,000

What amount would Imari report as taxable income?

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  1. 15 August, 09:22
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    Total Taxable income $ 32,615

    Explanation:

    Gross salary $ 41,595

    Adjustments (subtractions) to income $ 7,000

    Standard deduction $ 12,000

    Itemized deductions $ 14,350

    Itemized Deductions are considered because they are higher than standard deductions.

    Taxable income $ 20,245

    Add business income $ 12,000

    Interest earnings $ 255

    Dividend income $ 115

    Total Taxable income $ 32,615
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