Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Get immediate and reliable solutions to your questions from a community of experienced experts on our Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Aiden's taxable income for 2021 based on the information given is $66,200.
What is taxable income?
Taxable income is the total income that an individual receives that is non-taxable in a tax year minus the allowed deductions.
Data and Calculations:
Salary = $80,000
Interest on bonds = $3,000 (non-taxable)
Interest on CD = $2,000
Cash dividend = $2,200
Life insurance proceeds = $200,000 (non-taxable)
Inheritance = $100,000 (non-taxable)
Loan repayment to Aiden = $5,000 (non-taxable)
Itemized deductions = $9,700
Standard deduction for head of household = $18,000
Aiden's taxable income = $66,200 ($80,000 + $2,000 + $2,200 - $18,000).
Thus, Aiden's taxable income for 2021 based on the information given is $66,200.
Learn more about computing taxable income at https://brainly.com/question/10137785
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.