Question

In 2021 Tom is single and has AGI of $50,000. He is age 70, has no dependents, and has itemized deductions (.e. from AGI) of $7,000. Determine Tom's taxable income for 2021. $34,050 0 $43.000 $25,750 $50.000

Answer 1

Tom's taxable income for the year 2021 can be calculated as follows:Calculation of Tom's taxable income for the year 2021:Tom's Adjusted Gross Income (AGI) is $50,000.Tom has itemized deductions of $7,000.So, his taxable income for 2021 can be calculated as follows:Taxable Income = AGI - Itemized Deductions= $50,000 - $7,000= $43,000Therefore, Tom's taxable income for 2021 is $43,000.