Greg Is Single

question 8

Essay

Greg is single.During 2018,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 $9,000 of itemized deductions.The 2018 standard deduction amount for a single taxpayer is $12,000.What is Greg's taxable income?

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Definitions:

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of accounting standards for preparing financial statements that companies in the U.S. are required to follow.

IASB

The International Accounting Standards Board (IASB) is responsible for developing and promoting the use of International Financial Reporting Standards (IFRS).

IFRS Foundation

The IFRS Foundation oversees the International Accounting Standards Board (IASB), which establishes International Financial Reporting Standards (IFRS).

IOSCO

The International Organization of Securities Commissions, which is a global body that sets standards for securities regulation.