In 2018, Sean, who is single and age 44, received $55,000 of gross income and had $5,000 of deductions for AGI and $5,600 of itemized deductions. Sean's taxable income is

Question

Quizplus · Accepted Answer

Sean's taxable income is calculated as follows: Gross income ($55,000) minus deductions for AGI ($5,000) equals AGI ($50,000). The standard deduction for a single filer in 2018 is $12,000, which is greater than his itemized deductions ($5,600). Therefore, taxable income is $50,000 - $12,000 = $38,000.

In 2018, Sean, Who Is Single and Age 44, Received