Sars is mamed but she and her husband Sied separcely Her sal

Sars is mamed, but she and her husband Sied separcely Her salary was 962 400, and she eamed $470 n nterest. She had 54880 in itemized deductions and clamed fire exemptions for herself and four children Calculate her gross income, adjusted gross income, and taxable income Use the table to the right for exemption and standard deduction values The person\'s gross income is Simplify your answer) The person\'s ad usted gross income«V Simpliéy your answer) In determining taxable income, should this person claim standard or itemized deductions? \'hermized deductors O Standard deduction The persen\'s taxable income it Simgity your answer) Clck to seiect your anower(s) here 06 0

Solution

Consider the given problem here her salary is “$62,400”, and earn “$470” in interest. So, here her “Gross Income” is “$62,400 + $470 = $62,870” and the “Adjusted Gross Income” is “$62,400”.

In determining taxable income, this person should claim standard deduction”, since “standard deduction” is more than the “itemized deduction”.

Here the \"Taxable Income\" is the difference between “Adjusted Gross Income” and “standard deduction”, => the persons “taxable income” is “$62,400 - $6100” is “$56,300”.