find the taxable income. use $4000 for each exemption. number of exemptions 3 adjusted gross income $98277…

find the taxable income. use $4000 for each exemption. number of exemptions 3 adjusted gross income $98277 itemized deductions $8070 a. $78,207 b. $74,067 c. $90,207 d. $86,277

find the taxable income. use $4000 for each exemption. number of exemptions 3 adjusted gross income $98277 itemized deductions $8070 a. $78,207 b. $74,067 c. $90,207 d. $86,277

Answer

Explanation:

Step1: Calculate total exemptions

The amount for each exemption is $4000 and the number of exemptions is 3. So the total exemptions are $4000\times3 = 12000$.

Step2: Calculate taxable income

Taxable income is calculated by subtracting total exemptions and itemized deductions from adjusted - gross income. The adjusted - gross income is $98277$, total exemptions are $12000$ and itemized deductions are $8070$. So the taxable income is $98277-(12000 + 8070)=98277 - 20070=78207$.

Answer:

A. $78,207$