A single parent filing as head of household has a simple financial situation with no other deductions or credits apart from the standard deduction. Their financial details for the tax year 2023 are shown. W-2 income: $55,000 Taxable interest (1099-INT): $500 Federal income tax withheld: $5,500 Standard deduction for 2023: $19,400 What amount should the taxpayer enter on line 15 (taxable income) on the 1040 form?
Add the W-2 income and taxable interest: $55,000 + $500 = $55,500 total income. Subtract the $19,400 standard deduction: $55,500 − $19,400 = $36,100 taxable income. The taxpayer should enter $36,100, choice D.
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