Rico Suave is a widowed single father with 2 dependent children. Rico has a gros

Question

Rico Suave is a widowed single father with 2 dependent children.  Rico has a gross income of $48,000, adjustments of $8,000, and itemized deductions of $8,700.  If the standard deduction is $5,700, personal exemptions for the year are $3,650 for each dependent claimed on the income, and the child tax credit is $1,000 per child, what is Rico's taxable income?

forgot what to subtract

Rico Suave is a widowed single father with 2 dependent children.  Rico has a gross income of $48,000, adjustments of $8,000, and itemized deductions of $8,700.  If the standard deduction is $5,700, personal exemptions for the year are $3,650 for each dependent claimed on the income, and the child tax credit is $1,000 per child, what is Rico's taxable income?

forgot what to subtract

Explanation / Answer

Rico's taxable income=48000-8000-8700-5700-3650-3650-1000-1000=16300

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