Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

what is taxable incomeTanya (born 10-31-90) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $800 for her student loan and $1200 for an IRA. She had the following income: Wages $22,594

Sagot :

jepessoa

Answer:

Interests on student loans and IRA contributions are above the line deductions, which means that they decrease a person's AGI before they take any itemized or standard deduction.

Tanya's AGI before taking any deduction = $22,594 - $2,000 = $20,594

Assuming that she is filing her 2020 taxes, the standard deduction for single filers is $12,400, so her total taxable income = $20,594 - $12,400 = $8,194.

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.