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Bill is a single taxpayer and is 38 years of age. In 2018, his salary is...

Bill is a single taxpayer and is 38 years of age. In 2018, his salary is $28,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $1,400 and he has $11,000 of itemized deductions. Calculate the following amounts:

A. Gross Income

B. Adjusted Gross Income

C. Standard deduction or itemized deduction amount

D. Taxable Income

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Answer #1

A. Gross Income Salary Income Add: Interest Income Gross Income $28,000 $1,500 $29,500 Thus, the gross income is $29,500 B. Adjusted Gross Income Gross Income Less: Deductions for adjusted gross income Adjusted Gross Income $ 29,500 1,400 $ 28,100 Thus, the Adjusted gross income is $28,100C.Standard Deduction or Itemised dedcution amount The standard deduction allowed by the state for the year 2018 is $12,000 D. Taxable Income Adjusted gross Income Less: Standard Deduction Taxable Income $ 28,100 $ 12,000 $ 16,100 Thus, the taxable income is $16,100

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