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Marley, age 70 and head of household (unmarried), had income of $37,000 and exclusions of $500. Marley had adjustments/deductions for AGI of $2,500, and his itemized deductions for the year totaled $21,000. Marley had a QBI deduction of $1,000. Marley is entitled to a tax credit of $2,000. Marley is deaf. What is Marley’s taxable income

Respuesta :

Answer:

the taxable income is $12,000

Explanation:

The computation of the taxable income is given below:

Income $37,000

Less: Exclusions ($500)  

Less: Adjustments/deductions ($2500)  

Less: Itemised deductions ($21,000)  

Less: QBI deduction ($1,000)

Taxable Income $12,000

Hence, the taxable income is $12,000

The same should be considered and relevant

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