Question

chana’s gross income is $80,000 and she claims $15,000 in deductions. chana is filing as single. what is her taxable income?
$80,000
$15,000
$95,000
$65,000

Explanation:

Step1: Recall taxable income formula

Taxable income = Gross income - Deductions.

Step2: Substitute values

Gross income = $80,000, Deductions = $15,000.
So, Taxable income = $80,000 - $15,000 = $65,000.

Answer:

$65,000