Accounting: taxable income, standard deductions, taxes and more
1. A single taxpayer provided the following information for 2007: Salary $40,000 Interest on local government bonds $4,000 (qualifies as a tax exclusion) Allowable itemized deductions $8,000 What is taxable income? a. $28,600 b. $31,600 c. $32,000 d. $32,600 2. Lewis, who is single, is claimed as a dep