Question

When Tanya files her tax return for the year 2017, she qualifies for a $6,350 exemption on her federal taxes because she is single. If Tanya made a gross income of $45,300 for 2017, what will her new taxable income be according to the IRS?

Answer 1

Her new taxable income according to IRS is:

Taxable Income = $38950

Explanation:

When Tania files for tax return, she is offered:

Total Exemptions = $6350

Total Deductions = $0 (Suppose $0, as it is not given in the question. If there is a value, write that instead of $0)

Gross income of Tanya for the year 2017 is:

Gross income = $45300

Taxable income can be easily calculated for an individual person by deducting the total exemptions and deductions from the grosse income.

Formular of Taxable Income is given as:

Taxable Income = Gross Income - Total Exemptions - Total Deductions.

Substitute the values to get the desired answer.

Taxable Income = $45300 - $6350 - $0

Taxable Income = $38950