Barry Is Age 45 and a Single Taxpayer

question 11

Essay

Barry is age 45 and a single taxpayer.In 2017,he has gross income of $17,000 and itemized deductions of $6,500.If Barry claims one exemption on his 2017 income tax return,calculate the following amounts:
a.His personal exemption amount
b.Barry's taxable income

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Definitions:

Very Inelastic

Describes a situation where demand or supply hardly changes in response to changes in price.

Tax

A required financial imposition or alternative type of duty enforced on a taxpayer by a governing body to support government funding and assorted public expenses.

Tax

An obligatory monetary contribution or another kind of charge levied on a taxpayer by a government authority for the purpose of funding government operations and diverse public costs.

Higher Prices

A situation in which the cost of goods or services increases, often due to factors such as increased demand or higher production costs.