Solve the Problem

question 77

Multiple Choice

Solve the problem. Refer to the table if necessary.
-Matt is single and earned wages of $32,338. He received $421 in interest from a savings account. He contributed $588 to a tax-deferred retirement plan. He had $579 in itemized deductions from
Charitable contributions. Calculate his taxable income.

• A)$25,492
• B)$27,692
• C)$22,171
• D)$37,247

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Definitions:

Sole Proprietor

A business owned and operated by a single individual, where the owner is personally responsible for the business's debts.

Initial Investment

The amount of money used to start a new business venture, project, or investment.

Natural Resources

Raw materials and components found in the environment that can be used for economic gain, such as minerals, forests, water, and land.

Final Goods and Services

Goods and services sold to final, or end, users.