Misti Purchased a Residence This Year Misti Files as a Head of Household and Claims Two

question 42

Short Answer

Misti purchased a residence this year. Misti is a single parent and lives with her 1-year old daughter. This year, Misti received a salary of $63,000 and made the following payments: $\begin{array}{llcc} \text { Home mortgage interest } &\$2,335 \\ \text { Real estate taxes } &1,525\\ \text {State income taxes paid } &1,340\\ \text { Income tax preparation fee } &250\\ \text {Charitable contributions (cash to their church) } &120\\\end{array}$
Misti files as a head of household and claims two exemptions. Calculate her taxable income this year.

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Definitions:

Standard Deviations

A measure of the amount of variation or dispersion in a set of values, indicating how much the values differ from the mean of the set.

Central Tendency

A statistical measure that identifies a central or typical value for a set of data, commonly represented by the mean, median, or mode.

Median

The middle value in a sorted list of numbers, effectively dividing the dataset into two halves.

Regression Toward

A statistical phenomenon that describes how extreme scores on a variable tend to be closer to the average on subsequent measurements.