Question

Jeffrey earned a gross income of $59,860 last year. He made $1,933.07 in student loan interest deductions, donated $3,702 to his favorite charities and paid $2,959.20 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his non-working spouse. If their exemption is $7,300, what is their taxable income?

Answer 1

The answer is 39226.93

Answer 2

$ 50 867

Explanation:

Data:

Let the monies be:

income = $ 59 860

student loan deductions = - $ 1 933.07

Donations = -$ 3 702

Paid mortgage interest = -$ 2 959.20

budget for self = - $ 11 400

exemption = $ 7 300

The total taxable income = $( 59 860 - 1 933.07 - 2 959.20 - 11 400 + 7 300)

= $ 50 867