your adjusted gross income is $86,039.73. you paid $9,253.73 of interest on a mortgage loan, $965.56 on…

your adjusted gross income is $86,039.73. you paid $9,253.73 of interest on a mortgage loan, $965.56 on medical expenses, and made a charitable contribution of $253.05. the standard deduction for single filers is $14,600. what is your taxable income? enter the dollar amount rounded to the nearest cent. your answer: answer

your adjusted gross income is $86,039.73. you paid $9,253.73 of interest on a mortgage loan, $965.56 on medical expenses, and made a charitable contribution of $253.05. the standard deduction for single filers is $14,600. what is your taxable income? enter the dollar amount rounded to the nearest cent. your answer: answer

Answer

Explanation:

Step1: Calculate total itemized deductions

$9253.73 + 965.56+253.05=10472.34$

Step2: Compare itemized and standard deductions

Since $10472.34<14600$, we use the standard deduction.

Step3: Calculate taxable income

$86039.73 - 14600=71439.73$

Answer:

$71439.73$