Roberta, a single taxpayer, is a practicing accountant. She obtains permission t

Question

Roberta, a single taxpayer, is a practicing accountant. She obtains permission to change her tax year from the calendar year to a year ending July 31. Her practice income for the seven months ending July 31 is $40,000. In addition, Roberta has $3,000 of interest income and $6,250 of itemized deductions. She is entitled to one exemption.

Compute her modified taxable income

Gross income -

Minus: Itemized Deductions -

Exemption -

Modified taxable income -

The annualized taxable income -

Roberta, a single taxpayer, is a practicing accountant. She obtains permission to change her tax year from the calendar year to a year ending July 31. Her practice income for the seven months ending July 31 is $40,000. In addition, Roberta has $3,000 of interest income and $6,250 of itemized deductions. She is entitled to one exemption.

Compute her modified taxable income

Gross income -

Minus: Itemized Deductions -

Exemption -

Modified taxable income -

The annualized taxable income -

Explanation / Answer

Modified Taxable Income

$ Gross income 43,000 Minus Itemized deductions Exemption 6,250 Taxable income 36,750

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.