Homework SourseScenario 1 Donald Canard is an Actor He supports his three n
Scenario 1: Donald Canard is an Actor. He supports his three nephews, who all live with him.
His sole income from acting is 43,073
What is his taxable income?
What is his tax before credits?
Year: 2017
Solution
Tax before credits:
| Gross income | 43,073 |
| Less | |
| Stadard deduction | 6,350 |
| AGI | 36,723 |
| Exemptions | 4 |
| Exemption amount | 4,050 |
| Total exemption | 16,200 |
| Taxable income | 20,523 |
