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?

Question

Business

Lucille Morrison

15 August, 16:55

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?

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Answers (1)

Know the Answer?

Diya Yu · Answer 1

taxable income is $79000

Explanation:

given data

gross income = $98000

deduction = $19000

to find out

taxable income

solution

we know taxable income is calculated as

taxable income = gross income - deduction ... 1

here personal exemption is not claim in 2018 taxes

so

put here value in equation 1

taxable income = 98000 - 19000

taxable income = 79000

so taxable income is $79000