question 23 (3.3 points)\nyou have wages listed on your w - 2 as $78,904.72 and interest income on a 1099…

question 23 (3.3 points)\nyou have wages listed on your w - 2 as $78,904.72 and interest income on a 1099 - misc is $4,324.50. you deposited $2,074.65 in a tax - deferred ira, and you contributed $718.58 to a health savings account. you also chose the standard deduction of $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 23 (3.3 points)\nyou have wages listed on your w - 2 as $78,904.72 and interest income on a 1099 - misc is $4,324.50. you deposited $2,074.65 in a tax - deferred ira, and you contributed $718.58 to a health savings account. you also chose the standard deduction of $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Calculate total income

Total income = W - 2 wages+Interest income Total income = $78904.72 + 4324.50=$83229.22$

Step2: Calculate total deductions

Total deductions = IRA deposit+Health - savings - account contribution+Standard deduction Total deductions = $2074.65+718.58 + 14600=$17393.23$

Step3: Calculate taxable income

Taxable income = Total income - Total deductions Taxable income = $83229.22-17393.23=$65835.99$

Answer:

$65835.99$