In 2017,Venkat,who Is Single and Age 37,received $60,000 of Gross

question 60

Multiple Choice

In 2017,Venkat,who is single and age 37,received $60,000 of gross income and had $6,800 of itemized deductions.Venkat's taxable income is

• A)$49,150.
• B)$53,200.
• C)$55,950.
• D)$49,600.

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Definitions:

Supply Schedule

is a table or graph showing the quantity of a good that suppliers are willing to sell at different prices over a specific period.

Price Ranges

The spectrum of prices at which a particular good or service is sold in the market.

Equilibrium

A state where supply and demand are balanced, and in the absence of external influences, the values of economic variables will not change.

Total Revenue

The total receipts from sales of goods or services before any expenses are deducted.