mike has an adjusted gross income of $85,643. he claims two exemptions and can deduct $896 for state income…

mike has an adjusted gross income of $85,643. he claims two exemptions and can deduct $896 for state income tax, $2,145 for charitable donations, and $3,473 for medical expenses. if the standard deduction is $5,700 and exemptions are each worth $3,650, what is mikes total taxable income?\na. $72,643\nb. $75,479\nc. $71,829\nd. $66,129\nplease select the best answer from the choices provided

mike has an adjusted gross income of $85,643. he claims two exemptions and can deduct $896 for state income tax, $2,145 for charitable donations, and $3,473 for medical expenses. if the standard deduction is $5,700 and exemptions are each worth $3,650, what is mikes total taxable income?\na. $72,643\nb. $75,479\nc. $71,829\nd. $66,129\nplease select the best answer from the choices provided

Answer

Explanation:

Step1: Calculate total exemptions

$2\times3650 = 7300$

Step2: Calculate total deductions

$896+2145 + 3473=6514$

Step3: Calculate total deductions and exemptions combined

$7300+6514 = 13814$

Step4: Calculate taxable income

$85643-13814=71829$

Answer:

C. $71,829$