Question

Yvette Bradbury is an account representative at Commerce Savings Bank, earning $46,800 annually, paid semimonthly. She...

Yvette Bradbury is an account representative at Commerce Savings Bank, earning $46,800 annually, paid semimonthly. She contributes 3 percent of her gross pay to her qualified 401(k) plan on a pre-tax basis and has a pre-tax medical premium of $65.

(Do not round intermediate calculations and round your final answer to 2 decimal places.)

Required:
What is her taxable income?_____

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Homework Answers

Answer #1
Particulars Amount Amount
Gross income:
Salary        45,331
Business income
Capital gains and interest                 -  
Gross income        45,331
For AGI deductions                 -  
AGI        45,331
Less:
Standard deduction        12,000
Itemized deduction                 -  
Higher of the two        12,000
Taxable income        33,331

Salary = 46,800 - 46,800*83% - 65 = 45,331

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