Dan is a single taxpayer. His salary is $60,000. Dan realized a short-term capit

Question

Dan is a single taxpayer. His salary is $60,000. Dan realized a short-term capital loss of $6,000. His itemized deductions total $3,500 in tax year 2014. A. Compute Dan's adjusted gross income: Adjusted Gross Income 5 B. Compute Dan's taxable income: Minus: Taxable Income 5 C. Compute Dan's Tax Liability: Dan's tax liability is 1 Dan is a single taxpayer. His salary is $60,000. Dan realized a short-term capital loss of $6,000. His itemized deductions total $3,500 in tax year 2014. A. Compute Dan's adjusted gross income: Adjusted Gross Income 5 B. Compute Dan's taxable income: Minus: Taxable Income 5 C. Compute Dan's Tax Liability: Dan's tax liability is 1

Explanation / Answer

Answer a. Salary          60,000 Capital loss Allowed          (3,000) Adjusted Gross Income          57,000 Answer b. Adjusted Gross Income          57,000 Less: Standard Deduction          (6,200) Exemptions          (3,950) Taxable Income          46,850 Answer c. Dans Tax Liability 7875

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