Chapter 1 The Individual Income Tax Return
If Barry claims one exemption on his 2017 income tax return, calculate the following amounts: a. His personal exemption amount. b. Barry's taxable income . ANSWER: a. $4,050. b. $6,450 = $17,000 - $6,500 - $4,050. 30. What is the formula for computing taxable income, as summarized in the text? ANSWER: Gross income - Deductions for adjusted gross income Adjusted gross income - Greater of ... ................
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