Describe five major income exclusions

Assignment Help Accounting Basics

Reference no: EM133204823

Tax and Zakat Accounting -

Questions -

Q1- Describe five major income exclusions. (According US Tax Law).

Q2- Richard is a single taxpayer provided the following information for 2013:

Salary $88,000

Interest on local government bonds (qualifies as a tax exclusion) $7000

Allowable itemized deductions $15,000

Personal exemption $3,900

Required - What is his taxable income?

Reference no: EM133204823

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