How will his taxable income be impacted

Reference no: EM131306458

Change in Taxable Income:- Using the information in problem 10, if Nick's itemized deductions increase by $2,000, how will his taxable income be impacted?

Problem:-
Taxable Income. Nick is married and has three children in college. His wife is a homemaker. Nick has an adjusted gross income of $37,400. If Nick's standard deduction is $11,900, his itemized deductions are $12,200, and he gets an exemption of $3,800 for himself, his wife, and each dependent, what is his taxable income?

Reference no: EM131306458

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