In 2014,Venkat,who Is Single and Age 37,received $60,000 of Gross

question 9

Multiple Choice

In 2014,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)$49,250.
• B)$53,200.
• C)$56,050.
• D)$49,850.

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Definitions:

Net Exports

The net amount obtained by subtracting a nation's total imports from its total exports.

Imports

Goods or services brought into one country from another for the purpose of being sold or used, contributing to the domestic supply of products.

Trade Deficit

Occurs when a country's imports of goods and services exceed its exports, leading to a negative balance of trade.

Net Capital Outflow

Disparity in investment activities, with locals buying assets internationally, in contrast to foreigners buying domestically.