question 22 (3.3 points)\nyour adjusted gross income is $100,984.63. you paid $7,042.58 of interest on a…

question 22 (3.3 points)\nyour adjusted gross income is $100,984.63. you paid $7,042.58 of interest on a mortgage loan, $765.94 on medical expenses, and made a charitable contribution of $135.82. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 22 (3.3 points)\nyour adjusted gross income is $100,984.63. you paid $7,042.58 of interest on a mortgage loan, $765.94 on medical expenses, and made a charitable contribution of $135.82. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Calculate total itemized deductions

$7042.58 + 765.94+135.82=$7944.34$

Step2: Compare itemized and standard deductions

Since $7944.34< 14600$, we use the standard - deduction.

Step3: Calculate taxable income

$100984.63 - 14600=$86384.63$

Answer:

$86384.63$