2013 Taxable Income
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Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:
a. $50,000
b. $44,500
c. $40,000
d. $39,600
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The tax rates wouldn't be an issue, as we're calculating her taxable income, not her total tax. Because we have a lack of information in this question, we can't put a phaseout limitation on any specific item. For example, if charity deductions are included in the $5500, we could only take 50% of ...
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