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9 July, 17:16

Ramon, a single taxpayer with no dependents, has adjusted gross income for 2018 of $98,000 and his itemized deductions total $19,000. What taxable income will Ramon show in 2018? a.$74,850 b.$87,650 c.$74,950 d.$86,000 e.$79,000

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  1. 9 July, 20:04
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    The correct option is e. $79,000

    Explanation:

    Taxable income: The taxable income is that income which is come after deducting the deductions from the adjusted gross income. It is that income on which tax is levied and which is to be submitted to the government.

    In mathematically,

    Taxable income = Adjusted gross income - itemized deductions

    = $98,000 - $19,000

    = $79,000

    Hence, the taxable income will Ramon show in 2018 is $79,000

    Therefore, the correct option is e. $79,000
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Home » Business » Ramon, a single taxpayer with no dependents, has adjusted gross income for 2018 of $98,000 and his itemized deductions total $19,000. What taxable income will Ramon show in 2018? a.$74,850 b.$87,650 c.$74,950 d.$86,000 e.$79,000
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