Question

You are single, and your AGI is $60,000. As you get no extra income and you have one exemption of $8,200, what is your taxable income?

a) $51,800
b) $60,000
c) $43,800
d) $51,200

Answer 1

To calculate the taxable income, subtract the exemption from the adjusted gross income (AGI). The taxable income for a single taxpayer with an AGI of $60,000 and one exemption of $8,200 is $51,800.

Step-by-step explanation:

To calculate the taxable income, we need to subtract the exemption from the adjusted gross income (AGI).

Given that the AGI is $60,000 and the exemption is $8,200, the taxable income can be calculated as:

Taxable income = AGI - exemption = $60,000 - $8,200 = $51,800

Therefore, the correct answer is $51,800 (a).