In 2018, Sam is single and rents an apartment for which he pays $800 per month, pays state income taxes of $2,000 and makes charitable contributions of $1,000. Sam's adjusted gross income is $47,000.Required: Compute his taxable income. Show all calculations.
What will be an ideal response?
| Adjusted gross income | $47,000 |
| Minus: | Standard deduction | ( 12,000) |
| Taxable income | $35,000 |
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What will be an ideal response?
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Answer the following statement true (T) or false (F)
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