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What is taxable income

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Reference no: EM132622133

Question - A single taxpayer provided the following information for 2020:

Salary $45,000

Interest Income from a state bond $5,000

Allowable itemized deductions $8,000

Required - What is taxable income? Hint, look at the tax formula.

a. $32,600

b. $37,000

c. $37,600

d. $24,600

Reference no: EM132622133

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