Question

Dee goer is single and had an adjusted gross income last year of $16,457. Dee's itemized deductions were $5,452. She claimed one exemption of $3,500. What was Dee's estimated taxable income

Answer 1

Answer: Dee's estimated taxable income = $7,505.

Explanation:

We will use the formula below to compute taxable income:

Taxable income = Gross income - (deductions) - (exemptions)

Given : Gross income = $ 16 ,457

Deduction = $5452

Exemption = $3500

Taxable income = $ (16457-5452-3500)

= $ 7505

Hence, Dee's estimated taxable income = $7,505.