Question

om is single and 68 years old. He has excellent eyesight. In 2019, Tom earned W-2 wages of $160,398 from his full-time job at Six Minutes, ABS, Inc. He also received tips in that year of $700 by playing requests on the marimba. Tom did not receive any Social Security benefits. Tom paid alimony of $7,989 to his ex-wife (pursuant to their 2015 written divorce agreement.) Tom had few allowable itemized deductions on Schedule A, so he claimed the standard deduction.

What's the taxable income?

Answer 1

Tom's taxable income is calculated as follows:-

Particulars	Amount
Wages	$160,398
Tips	$700
Adjusted Gross Income	$161,098
less -Alimony Payment	$7,989
Taxable income	$153,109
Less:- Standard Deduction (12200+1650)	(13,850)
Taxable Income	$139,259

Explanation :

As per Internal Revenue Service (IRS) seperate filing who is 68 years of age is $13,850

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