you have a salaried job where you earn $35,000 a year. you also receive a 1098 form that shows youve paid…

you have a salaried job where you earn $35,000 a year. you also receive a 1098 form that shows youve paid $5,000 in mortgage interest. if you choose to itemize your deductions, what will be your taxable income? choose 1 answer: a $5,000 b $30,000 c $35,000 d $40,000

you have a salaried job where you earn $35,000 a year. you also receive a 1098 form that shows youve paid $5,000 in mortgage interest. if you choose to itemize your deductions, what will be your taxable income? choose 1 answer: a $5,000 b $30,000 c $35,000 d $40,000

Answer

Explanation:

Step1: Recall taxable income formula

Taxable income = Gross income - Deductions

Step2: Identify gross income and deduction

Gross income = $35000$, Deduction (mortgage interest) = $5000$

Step3: Calculate taxable income

$35000 - 5000=30000$

Answer:

B. $30,000$