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Fletcher is single, has wages of $70,000, deductions for AGI of $4,000, and deductions from AGI...

Fletcher is single, has wages of $70,000, deductions for AGI of $4,000, and deductions from AGI of $9,000. Calculate his taxable income for 2018.

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Answer #1
Statement showing taxable income of Fletcher For 2018

INCOME (broadly conceived)

less:

Exclusions (income that is not subject to tax)

GROSS INCOME (income is subject to tax)

70,000

less:

DEDUCTIONS FOR ADJUSTED GROSS INCOME

-4,000

ADJUSTED GROSS INCOME

66,000

Less:

From AGI DEDUCTIONS

-9,000

Taxable income

57,000

Note:From AGI Deductions is Greter of Standerd deduction or Intimized deductions
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