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Calculate standard deduction or itemized deduction amount

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Reference no: EM132632807

Problem - Bill is a single taxpayer, age 27. In 2019, his salary is $29,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $2,200 and he has $6,500 of itemized deductions. Calculate the following amounts:

1. Gross income

2. Adjusted gross income

3. Standard deduction or itemized deduction amount

4. Taxable income

Reference no: EM132632807

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