morgan (age 45) is single and provides more than 50% of the support of tammy (a family friend), jen (a niece, age 18), and jerold (a nephew, age 18). both tammy and jen live with morgan, but jerold (a french citizen) lives in canada. morgan earns a salary of $95,000, contributes $5,000 to a traditional ira, and receives sales proceeds of $15,000 for an rv that cost $60,000 and was used for vacations. she has $8,200 in itemized deductions.

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10-12-2022
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morgan (age 45) is single and provides more than 50% of the support of tammy (a family friend), jen (a niece, age 18), and jerold (a nephew, age 18). both tammy and jen live with morgan, but jerold (a french citizen) lives in canada. morgan earns a salary of $95,000, contributes $5,000 to a traditional ira, and receives sales proceeds of $15,000 for an rv that cost $60,000 and was used for vacations. she has $8,200 in itemized deductions.

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-18T14:34:48+01:00

Morgan's taxable income is $71,350 and Morgan's dependent tax credit is $1000.

Taxable income refers to the bottom upon that associate taxation system imposes tax. In alternative words, the financial gain over that the govt obligatory tax. Generally, it includes some or all things of financial gain and is reduced by expenses and alternative deductions.

Itemized deductions embody amounts you procured state and native financial gain or sales taxes, land taxes, personal estate taxes, mortgage interest, and disaster losses. you will additionally embody gifts to charity and a part of the quantity you procured medical and dental expenses.

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morgan (age 45) is single and provides more than 50% of the support of tammy (a family friend), jen (a niece, age 18), and jerold (a nephew, age 18). both tammy and jen live with morgan, but jerold (a french citizen) lives in canada. morgan earns a salary of $95,000, contributes $5,000 to a traditional ira, and receives sales proceeds of $15,000 for an rv that cost $60,000 and was used for vacations. she has $8,200 in itemized deductions.

a. Morgan's taxable income is

b.Compute Morgan's dependent tax credit.

To learn more about taxable income here

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