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You have a gross income of $117,151 and are filing your tax return singly. You claim one exemption and can take a deduction of $2,713 for interest on your mortgage, an adjustment of $2,791 for business losses, an adjustment of $1,346 for alimony, a deduction of $2,086 for property taxes, a deduction of $2,376 for contributions to charity, and an adjustment of $1,091 for contributions to your retirement fund. The standard deduction for a single filer is $5,700, and exemptions are each worth $3,650. What is the difference between your adjusted gross income and your taxable income?

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luckydice44
Answer is $10,825 did that test too (C)
MrRoyal

The difference between your adjusted gross income and your taxable income is $10,825

How to determine the difference between the adjusted gross income and taxable income?

To do this, we simply add up the deductions and the exemptions.

This in other words mean that, the sum of the deductions and the exemptions is the difference between the adjusted gross income and the taxable income.

So, we have:

Difference = $2,713 + $2,086 + $2,376 + $3,650

Evaluate the sum

Difference = $10,825

Hence, the difference between your adjusted gross income and your taxable income is $10,825

Read more about deductions and incomes at:

https://brainly.com/question/13757943

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