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AGummiBear55
 2 years ago
CHECK MY WORK? :)
(Q) Jeffrey earned a gross income of $78,350 last year. He made $2,489.78 in student loan interest deductions, donated $4,294 to his favorite charities and paid $3,571.32 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his nonworking spouse. If their exemption is $7,300, what is their taxable income?
A. $49,294.40
B. $53,588.90
C. $57,160.22
D. $60,694.90
This is my work:
78350  2489.78 = 75,860.22  11400  7300 = 60,160.22.
I don't know what I'm doing wrong, my answer doesn't match the multiple choice answers!
AGummiBear55
 2 years ago
CHECK MY WORK? :) (Q) Jeffrey earned a gross income of $78,350 last year. He made $2,489.78 in student loan interest deductions, donated $4,294 to his favorite charities and paid $3,571.32 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his nonworking spouse. If their exemption is $7,300, what is their taxable income? A. $49,294.40 B. $53,588.90 C. $57,160.22 D. $60,694.90 This is my work: 78350  2489.78 = 75,860.22  11400  7300 = 60,160.22. I don't know what I'm doing wrong, my answer doesn't match the multiple choice answers!

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AGummiBear55
 2 years ago
Best ResponseYou've already chosen the best response.0Really? How so? I tried the problem again but I keep getting 60,160.22!
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