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This posting addresses taxable income.

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Thomas Franklin arrived at the following tax information:

Gross salary, $46,660
Interest earnings, $225
Dividend income, $80
One personal exemption, $3,400
Itemized deductions, $7,820
Adjustments to income, $1,150

What amount would Thomas report as taxable income?

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Solution Summary

The solution provides the exact calculations needed to calculate taxable income. All calculations are broken down and included.

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Thomas Franklin arrived at the following tax information:

Gross salary, $46,660
Interest earnings, ...

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