helenas adjusted gross income is $147,431.67. she paid $9,261.62 of interest on a mortgage loan, $1,234.18…

helenas adjusted gross income is $147,431.67. she paid $9,261.62 of interest on a mortgage loan, $1,234.18 on medical expenses, and made a charitable contribution of $265.80. the standard deduction for single filers is $14,600. what is her taxable income? enter the dollar amount rounded to the nearest cent.

helenas adjusted gross income is $147,431.67. she paid $9,261.62 of interest on a mortgage loan, $1,234.18 on medical expenses, and made a charitable contribution of $265.80. the standard deduction for single filers is $14,600. what is her taxable income? enter the dollar amount rounded to the nearest cent.

Answer

Explanation:

Step1: Calculate itemized deductions

Add up mortgage - interest, medical expenses, and charitable contribution. $9261.62 + 1234.18+265.80=10761.6$

Step2: Compare itemized and standard deductions

The standard deduction for single - filers is $14600$. Since $10761.6<14600$, we use the standard deduction.

Step3: Calculate taxable income

Subtract the standard deduction from the adjusted gross income. $147431.67 - 14600=132831.67$

Answer:

$132831.67$