find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the…

find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the greater of a standard deduction or an itemized deduction. the taxpayer is divorced, filing as single, earned wages of $39,800 with no other taxable income, and had no adjustments. she paid $995 in state taxes. click the icon to view the 2021 marginal tax rates and standard deductions. the gross income is $ 39800. (simplify your answer.) the adjusted gross income is $ 39800. (simplify your answer.) the taxable income is $ (simplify your answer.)

find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the greater of a standard deduction or an itemized deduction. the taxpayer is divorced, filing as single, earned wages of $39,800 with no other taxable income, and had no adjustments. she paid $995 in state taxes. click the icon to view the 2021 marginal tax rates and standard deductions. the gross income is $ 39800. (simplify your answer.) the adjusted gross income is $ 39800. (simplify your answer.) the taxable income is $ (simplify your answer.)

Answer

Answer:

$27900$

Explanation:

Step1: Identify standard deduction

For a single - filer in 2021, the standard deduction is $12550$.

Step2: Compare with itemized deduction

The itemized deduction here is the state taxes of $995$. Since $12550>995$, we use the standard deduction.

Step3: Calculate taxable income

Taxable income = Adjusted gross income - Greater of standard or itemized deduction. Adjusted gross income is $39800$. So, taxable income = $39800 - 12550=27900$.