Greg Is Single

question 55

Essay

Greg is single. During 2016, he received $60,000 of salary from his employer. That was his only source of income. He reported $3,000 of for AGI deductions and $7,000 of itemized deductions. The 2016 standard deduction amount for a single taxpayer is $6,300 and the 2016 exemption amount is $4,050. What is Greg's taxable income?

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Definitions:

Newly Gained Concept

Refers to an idea, theory, or knowledge that someone has acquired recently, contributing to their understanding or perspective.

School-Based

Pertains to activities, programs, or interventions that are implemented within an educational institution.

Social Justice Intervention

Actions undertaken to address and rectify inequalities and injustices within society, aiming to promote fairness and equality.

Collateral Work

Activities or investigations conducted to support the main efforts or objectives, often providing additional information or resources.