Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his health insurance premium, and another $60 per month toward his retirement fund. Šince he is single he qualifies for a $12,000 standard deduction. What is his taxable income?

Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his health insurance premium, and another $60 per month toward his retirement fund. Šince he is single he qualifies for a $12,000 standard deduction. What is his taxable income?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 7P

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