Answer:
Thus the taxable income is less than Zero.
Explanation:
Given
Total income = $23,000
Number of children = 1
To find the taxable income, following formula is used by the U.S. government
taxable income = total income - exemption deduction - standard deduction
The exemption deduction as set by the U.S. government for a U.S couple with one child = $11,700
The standard deduction as set by the U.S. government for a U.S couple with one child = $12,200
Thus to find the taxable income we use the above formula
taxable income = total income - exemption deduction - standard deduction
= $23,000 - $11,700 - $12,200
= -$900
Thus the taxable income is less than Zero.