Kevin is a single person who earns $70,000 in salary for 2016 and has other income from a variety of investments,as follows:
Kevin received tax refunds when he filed his 2015 tax returns in April 2016.His federal refund was $600 and his state refund was $300.Kevin deducted his stated taxes paid in 2015 as an itemized deduction on his 2015 return.Due to changes in circumstances,Kevin is not itemizing deductions on his 2016 return.
Compute Kevin's taxable income for 2016.
Definitions:
Payments
The act of transferring money or consideration from one party to another in exchange for goods, services, or to settle a debt.
Business Practices
Established methods or manners of operating within a business or industry.
Credit-Worthiness
An assessment of an individual's or entity's ability to repay borrowed money, often based on their financial history and current resources.
Merchants
Individuals or entities involved in the wholesale or retail sale of goods.
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