posted by stuckinmath on .
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!
Taxable income is the gross salary, interest earnings, dividend income, and adjustments to income.
From your taxable income, you subtract your exemption and itemized deductions.
Thanks so much for breaking this down for me =]
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