The Watson household had total gross wages of $94,765.00 for the past year. The Watsons also...

 

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The Watson household had total gross wages of $94,765.00 for the past year. The Watsons also contributed $2,800.00 to a health care plan, received $350.00 in interest, and paid $1,700.00 in student loan interest. Calculate the Watson household's taxable income if they are able to take a $22,500.00 standard deduction. The Watson household had total gross wages of $94,765.00 for the past year. The Watsons also contributed $2,800.00 to a health care plan, received $350.00 in interest, and paid $1,700.00 in student loan interest. Calculate the Watson household's taxable income if they are able to take a $22,500.00 standard deduction.

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The gross income of the Watson household must be adjusted to reflect any allowed deductions ... View the full answer