Question $2.$ Parts A$,$ B$,$ & C

Computing Taxable Income. Ross Martin arrived at the following tax information, using the Formula from the book and practice exam, from Gross Income to Adjusted Gross Income to Taxable Income:

Gross salary, $$67,743$

Interest earnings, $$75$

Dividend income, $$333$

Standard deduction, $$12,000$

Itemized deductions, $$9,250$

Adjustments to income, $$4,000$

$($contributions to IRA account treated as adjustment$)$

Question $2.$ Part A$.$ What amount would Ross report as taxable income?

Formula: Ross would have a taxable income of$?$

Gross Income $($wages$,$ profits, dividends, interest, and other income:

Less: any adjustments to income $($i$.$e$.$ contributions$)$:

Equals: Adjusted Gross Income

Less: itemized deductions $($standard deductions$)$

Equals: Taxable Income

$($show your work$)$

Please Note

Let us say you are a single filer, then you look up your rate on the tax table such as the tax schedule below from IRS and

www$.$NerdWallet.com$/$article$/$taxes$/$federal$-$income$-$tax$-$brackets

What would be your tax rate $($Assume Ross is single$)$ using the brackets? $($using the relevant brackets and examples to guide you, plus the class video$)$ still $22\%$