Question

Find the taxable income of a single person with no children, who has an income of $37,000.

Answer 1

$27,000

Explanation:

Given :

Income of a single unmarried person = $37,000

He has no children.

Therefore the taxable income as framed by the U.S. governmemt id given by :

Taxable income = total income - exemption deduction - standard deduction

Now

The exemption deduction for a single unmarried person is $3,900.

And the standard deduction for a single unmarried person is $6,100.

Therefore we can calculate the taxable income of the person by

Taxable income = total income - exemption deduction - standard deduction

= $37,000 - $3,900 - $6,100

= $27,000

Thus the taxable income of the a single unmarried person is $27,000.