select the correct answer from each drop - down menu. rons gross income is $50,000. he contributed $500 to…

select the correct answer from each drop - down menu. rons gross income is $50,000. he contributed $500 to charity. the mortgage interest on his first home is $3,000 and his medical expenses are $1,500. what is rons taxable income? rons total deduction is $ and his taxable income is $ . reset next

select the correct answer from each drop - down menu. rons gross income is $50,000. he contributed $500 to charity. the mortgage interest on his first home is $3,000 and his medical expenses are $1,500. what is rons taxable income? rons total deduction is $ and his taxable income is $ . reset next

Answer

Explanation:

Step1: Calculate total deductions

Total deductions = Charity contribution + Mortgage interest + Medical expenses. So, $500 + 3000+1500$. $500 + 3000+1500=5000$

Step2: Calculate taxable income

Taxable income = Gross income - Total deductions. So, $50000 - 5000$. $50000 - 5000 = 45000$

Answer:

Ron's total deduction is $5000$ and his taxable income is $45000$.