Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Suppose you earned [tex]$53,850, and the standard deduction this year is $[/tex]13,850.

What is your taxable income?

A. [tex]$40,000
B. $[/tex]53,850
C. $67,700

Sagot :

GinnyAnswer
To determine the taxable income, we start with the earned income and then subtract the standard deduction.

1. Earned income:
[tex]\($53,850\)[/tex]

2. Standard deduction:
[tex]\($13,850\)[/tex]

3. Calculate the taxable income:

Subtract the standard deduction from the earned income:

[tex]\[ \text{Taxable Income} = \text{Earned Income} - \text{Standard Deduction} \][/tex]

Plugging in the numbers:

[tex]\[ \text{Taxable Income} = 53,850 - 13,850 = 40,000 \][/tex]

Therefore, your taxable income is [tex]\($40,000\)[/tex].

Answer:
A) $40,000
We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.