Steven, age 35 and single, is a commodities broker. His salary for 2019 is $111,500 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $31,000. Steven does not have any dependents.

a. What is the amount of his adjusted gross income?
b. What are his allowable itemized deductions?
c. What is his deduction for personal exemptions?
d. What is his taxable income?
e. What is his regular tax liability from the tax rate schedules?

Question

Steven, age 35 and single, is a commodities broker. His salary for 2019 is $111,500 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $31,000. Steven does not have any dependents.

a.	What is the amount of his adjusted gross income?
b.	What are his allowable itemized deductions?
c.	What is his deduction for personal exemptions?
d.	What is his taxable income?
e.	What is his regular tax liability from the tax rate schedules?

Quizplus · Accepted Answer

The Answer of Steven, age 35 and single, is a commodities broker. His salary for 2019 is $111,500 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $31,000. Steven does not have any dependents.

a.	What is the amount of his adjusted gross income?
b.	What are his allowable itemized deductions?
c.	What is his deduction for personal exemptions?
d.	What is his taxable income?
e.	What is his regular tax liability from the tax rate schedules?

Steven, Age 35 and Single, Is a Commodities Broker