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23 May, 22:13

Maria had exemptions of $4,000 for herself and dependents. Her deductions include $12,500 for damage caused to her house by a lightning storm, $500 for charitable contributions, and property taxes of $1,500. What is her taxable income if she has an income of $62,500?

$81,000

$62,500

$44,000

$50,000

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Answers (1)
  1. 24 May, 01:42
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    Total exemptions and deductions:

    exemption for herself and dependents : 4,000

    uninsured loss or damage due to fire: 12,500

    Property tax paid 1,500

    Charitable contributions 500

    18,500

    Total Income : 62,500

    less: total exemptions and deductions: 18,500

    Taxable Income 44,000
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