Minta, a 42-year-old widow, has two daughters who live with her for the entire y

Question

Minta, a 42-year-old widow, has two daughters who live with her for the entire year. She properly claims both as dependents on her tax return. Minta's husband died last year and she has not remarried. For 2016, Minta has $75,000 of adjusted gross income. What is Minta’s taxable income for the year? Minta, a 42-year-old widow, has two daughters who live with her for the entire year. She properly claims both as dependents on her tax return. Minta's husband died last year and she has not remarried. For 2016, Minta has $75,000 of adjusted gross income. What is Minta’s taxable income for the year?

Explanation / Answer

2016 Filing Status Standard Deduction Single $6,300 Head of Household $9,300 Married Filing Separately $6,300 Married Filing Jointly $12,600 Qualifying Widow(er) $12,600 Adjusted Gross Income=Total gross income-Specific deductions Taxable Income=Adjusted Gross Income-(Standard deduction or Itemized deduction) Minta's Taxable Income= Adjusted Gross Income $                75,000.00 Less: Standard deduction $                12,600.00 Minta's Taxable Income $                62,400.00

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