Question 7 • (Pizzella)WCA 6180 Personal Finance 1 - Part 1
First subtract the adjustments from gross income: $61,026 − $3,206 − $2,575 − $2,440 = $52,805. The itemized deductions total $2,871 + $2,376 + $2,682 = $7,929, which is greater than the $5,700 standard deduction. Subtract the itemized deductions and two exemptions worth $3,650 each: $52,805 − $7,929 − $7,300 = $37,576. The correct choice is $37,576.
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