question 8 of 10 duane is filing his federal income tax return with the 1040ez form using the single filing…

question 8 of 10 duane is filing his federal income tax return with the 1040ez form using the single filing status, and nobody can claim him as a dependent. if he had wages, salaries, and tips of $37,400, taxable interest of $160, and no unemployment compensation, what should he enter on line 6 of the income section below? income attach form(s) w-2 here. attach your form(s) w-2 1 wages, salaries, and tips. this should be shown in box 1 of your form(s) w-2. 1 2 taxable interest. if the total is over $1,500, you must use form 1040a or 1040. 2 3 unemployment compensation in amounts of $2,400 per recipient and alaska permanent fund dividends (see page 11). 3 4 add lines 1, 2, and 3. this is your adjusted gross income. 4 5 if someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back. if no one can claim you (or your spouse if a joint return), enter $9,350 if single; $18,700 if married filing jointly. see back for explanation. 5 6 subtract line 5 from line 4. if line 5 is larger than line 4, enter 0. this is your taxable income. 6 a. $37,560 b. $18,860 c. $28,210 d. $0

question 8 of 10 duane is filing his federal income tax return with the 1040ez form using the single filing status, and nobody can claim him as a dependent. if he had wages, salaries, and tips of $37,400, taxable interest of $160, and no unemployment compensation, what should he enter on line 6 of the income section below? income attach form(s) w-2 here. attach your form(s) w-2 1 wages, salaries, and tips. this should be shown in box 1 of your form(s) w-2. 1 2 taxable interest. if the total is over $1,500, you must use form 1040a or 1040. 2 3 unemployment compensation in amounts of $2,400 per recipient and alaska permanent fund dividends (see page 11). 3 4 add lines 1, 2, and 3. this is your adjusted gross income. 4 5 if someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back. if no one can claim you (or your spouse if a joint return), enter $9,350 if single; $18,700 if married filing jointly. see back for explanation. 5 6 subtract line 5 from line 4. if line 5 is larger than line 4, enter 0. this is your taxable income. 6 a. $37,560 b. $18,860 c. $28,210 d. $0

Answer

Explanation:

Step1: Identify relevant income sources

Wages, salaries, tips = $37,400; Tax - able interest = $160; Unemployment compensation = $0

Step2: Calculate adjusted gross income

Adjusted gross income is the sum of lines 1, 2 and 3. Line 1 = $37,400, Line 2 = $160, Line 3 = $0. So, Adjusted gross income=$37400 + 160+0=$37,560

Step3: Determine line 6 amount

Line 6 is the taxable income. For a single - filer with no dependents using 1040EZ, if the adjusted gross income is less than the standard deduction amount (in this case, we are just calculating the sum of relevant income items as per the form instructions), the amount on line 6 is the adjusted gross income.

Answer:

A. $37,560