Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense...
Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense of $9500, charitable contributions of $1500, property tax of $7000 and interest on her car loan of $2100. This year she also had medical expenses of $2000. She is allowed a standard deduction of $12,000. What is Sally's taxable income?
Homework Answers
| Particulars | Amount |
| Sally's Gross Income | 38,000 |
| Less: Mortgage Interest Expense | (9,500) |
| Less: Charitable Contributions | (1,500) |
| Less: Property Tax | (7,000) |
| Less: Standard Deduction | (12,000) |
| Sally's Taxable Income | $ 8,000 |
NOTE: Interest on car loan and medical expenses is not deductible.
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