Susie is single and has determined the following tax information for the year: regular gross salary -
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Question:
Susie is single and has determined the following tax information
for the year: regular gross salary - $30,000; customer tips - $1,500 ($1,000 received
in her regular paychecks and $500 received in cash directly from customers); cash gift
from her Papa - $2,000; interest earned - $20; Federal income tax refund - $600;
Traditional IRA contribution - $1,000; personal exemption - $3,950; itemized
deductions - $4,900; and standard deduction - $6,200.
Using the above facts, what is Susie’s federal taxable
income for the year?
Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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