20. Karen is single. Last year she earned $35,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early...

20. Karen is single. Last year she earned $35,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $300; contributions to Keogh retirement fund: $1,900; real estate taxes paid: $3,000; mortgage interest paid: $3,600. The following table gives the standard deduction for various filing statuses.

Standard Deductions

Single or married filing separately	$12,000
Married filing jointly or surviving spouse	$24,000
Head of household	$18,000
65 or older and/or blind and/or someone else can claim you (or your spouse if filing jointly) as a dependent:	Varies (See www.irs.gov for information.)

Find the taxable income for the year.

a.$16,285

b.$22,885

c.$36,950

d.$37,085

Jun 06, 2022

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20. Karen is single. Last year she earned $35,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early...

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