semester a\n2023 form 1040\na single parent filing as head of household has a single financial situation…

semester a\n2023 form 1040\na single parent filing as head of household has a single financial situation with no other deductions or credits apart from the standard deduction. their financial details for the tax year 2023 are shown.\nw - 2 income: $55,000\ntaxable interest (1099 - int): $500\nfederal income tax withheld $5,500\nstandard deduction for 2022: $19,400\nwhat amount should the taxpayer enter on line 25 (taxable income) on the 1040 form?

semester a\n2023 form 1040\na single parent filing as head of household has a single financial situation with no other deductions or credits apart from the standard deduction. their financial details for the tax year 2023 are shown.\nw - 2 income: $55,000\ntaxable interest (1099 - int): $500\nfederal income tax withheld $5,500\nstandard deduction for 2022: $19,400\nwhat amount should the taxpayer enter on line 25 (taxable income) on the 1040 form?

Answer

Explanation:

Step1: Calculate total income

Total income = W - 2 income + taxable interest Total income = ( 55000+500=$55500 )

Step2: Calculate taxable income

Taxable income = Total income - standard deduction Taxable income = ( 55500 - 19400=$36100 )

Answer:

($36100)