Homework Help: accounting

Posted by stuckinmath on Tuesday, July 22, 2008 at 6:06pm.

Gross salary $41,780
Interest earnings $225
Dividend income $80
One person exemption $2,650
Itemized deductions $3,890
Adjustments to income $1,150

What would be reported as taxable income?

Would I be correct in thinking that the only thing to be reported as taxable income would be the gross salary of $41,780?

Thanks in advance for your help!

accounting - Ms. Sue, Tuesday, July 22, 2008 at 6:12pm
Taxable income is the gross salary, interest earnings, dividend income, and adjustments to income.
accounting - Ms. Sue, Tuesday, July 22, 2008 at 6:14pm
From your taxable income, you subtract your exemption and itemized deductions.
accounting - stuckinmath, Tuesday, July 22, 2008 at 7:20pm
Thanks so much for breaking this down for me =]
- accounting - Ms. Sue, Tuesday, July 22, 2008 at 7:31pm
  You're welcome.
accounting - Anonymous, Monday, August 8, 2011 at 1:52pm
Quadrant, Inc. is a former C Corporation whose first S corporation year began on January 1, 2009. At that time, Quadrant had two assets: x, with a value of $1,000 and a basis of $400; and Y, with a value of $400 and a basis of $600. The net unrealized built in gain as of January 1, 2009 is $400 (i.e., X's $600 gain less Y's $200 loss) Asset X is sold for $1,200 during 2009, and asset Y is retained. The recognized built in gain in 2009 is

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