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What is the amount of his adjusted gross income




Steven, age 35, is a single commodities broker. His salary for 2009 is $110,000 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $30,000. Steven does not have any dependents.;a. What is the amount of his adjusted gross income?;b. What are his allowable itemized deductions?;c. What is his deduction for personal exemptions?;d. What is his taxable income?;e. What is his regular tax liability from the 2009 tax rate schedules?;Choose the best answer from the following;Use year 2009 exemption and standard deduction amounts.


Paper#25634 | Written in 18-Jul-2015

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