Stan expects taxable revenues of $83,354.45 in the current year.His adjustments to revenues are projected to be $48,756.32 this year.His deductions and exemptions are projected at $8,234.43.There is no state income tax where Stan resides,and his assumed tax bracket is 30%.What is his taxable income?

Question

Quizplus · Accepted Answer

To find Stan's taxable income, we need to subtract his adjustments, deductions, and exemptions from his expected taxable revenues:
$83,354.45 (Taxable Revenues) 
- $48,756.32 (Adjustments) 
- $8,234.43 (Deductions and Exemptions) 
= $26,363.70 (Taxable Income)

Then, to find his tax liability, we multiply his taxable income by his assumed tax bracket of 30%:
$26,363.70 (Taxable Income) x 0.3 (Tax Bracket) 
= $7,909.11 (Tax Liability)

Therefore, the correct answer is D, $26,363.70.

Stan Expects Taxable Revenues of $83,354