Ramon, a single taxpayer, has adjusted income for 2015 of 98,000 and his itemized deductions total 19,000. What taxable income will show in 2015?
To calculate the taxable income for Ramon in 2015, you will need to subtract his total itemized deductions from his adjusted gross income.
In this case, Ramon's adjusted gross income is $98,000 and his itemized deductions total $19,000.
So, the formula to calculate taxable income is as follows:
Taxable Income = Adjusted Gross Income - Itemized Deductions
Substituting the given values into the formula:
Taxable Income = $98,000 - $19,000
Taxable Income = $79,000
Therefore, Ramon's taxable income for 2015 will be $79,000.