question 5 of 10 the table below shows last years gross income, standard deduction, and number of exemptions…

question 5 of 10 the table below shows last years gross income, standard deduction, and number of exemptions for four different workers. gross standard number of exemptions at income deduction $3650 each esther $45,788 $5,700 2 frank $47,612 $8,350 2 macy $41,967 $5,700 1 penny $52,785 $8,350 3 assuming that each worker used the standard deduction and that none of the workers had any additional adjustments, which worker had the lowest taxable income last year? a. macy b. esther c. penny d. frank

question 5 of 10 the table below shows last years gross income, standard deduction, and number of exemptions for four different workers. gross standard number of exemptions at income deduction $3650 each esther $45,788 $5,700 2 frank $47,612 $8,350 2 macy $41,967 $5,700 1 penny $52,785 $8,350 3 assuming that each worker used the standard deduction and that none of the workers had any additional adjustments, which worker had the lowest taxable income last year? a. macy b. esther c. penny d. frank

Answer

Explanation:

Step1: Calculate Esther's taxable income

Taxable income = Gross income - Standard deduction - (Number of exemptions * Exemption amount). For Esther, Gross income = $45788$, Standard deduction = $5700$, Number of exemptions = 2, Exemption amount = $3650$. Taxable income = $45788-5700-(2 * 3650)=45788 - 5700-7300=32788$.

Step2: Calculate Frank's taxable income

For Frank, Gross income = $47612$, Standard deduction = $8350$, Number of exemptions = 2. Taxable income = $47612-8350-(2 * 3650)=47612 - 8350-7300=31962$.

Step3: Calculate Macy's taxable income

For Macy, Gross income = $41967$, Standard deduction = $5700$, Number of exemptions = 1. Taxable income = $41967-5700-(1 * 3650)=41967 - 5700-3650=32617$.

Step4: Calculate Penny's taxable income

For Penny, Gross income = $52785$, Standard deduction = $8350$, Number of exemptions = 3. Taxable income = $52785-8350-(3 * 3650)=52785 - 8350 - 10950=33485$.

Step5: Compare taxable incomes

$31962<32617<32788<33485$.

Answer:

D. Frank