Compute taxpayers taxable income

Assignment Help Taxation

Reference no: EM131747598

ASSIGNMENT: Tax and Zakat Accounting

You are required to work in this assignment individually.

Q1. Personal Exemption' is the dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. For tax year 2013, the standard personal exemption amount was $3900 per person. Kate is single and a homeowner. In 2013, she has property taxes on her home of $3,000, makes charitable contributions of $2,000, and pays home mortgage interest of $7,000. Kate's adjusted gross income for 2013 is $77,000.

Required: Compute her taxable income for 2013.

Reference no: EM131747598

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