Answered

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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
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