Question Solved1 Answer Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense of $9500, charitable contributions of $1500, property tax of $7000 and interest on her car loan of $2100. This year she also had medical expenses of $2000. She is allowed a standard deduction of $12,000. What is Sally's taxable income?

ZZ83Q6 The Asker · Accounting

Sally's adjusted gross income is $38,000. She owns a home and has a mortgage interest expense of $9500, charitable contributions of $1500, property tax of $7000 and interest on her car loan of $2100. This year she also had medical expenses of $2000. She is allowed a standard deduction of $12,000. What is Sally's taxable income?

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Particulars Amount Sally's Gross Income 38,000 Less: Mortgage Interest Expense (9,500) Less: Charitable Contributions (1,500) Less: Property Tax (7,000) Less: Standard Deduction (12,000)     Sally's Taxable Income $ 8,000     NOTE: Inte ... See the full answer