Kevin is a single person who earns $70,000 in salary for 2018 and has other income from a variety of investments, as follows:Bank savings account interest$5,500Interest from State of Missouri Bonds3,500Dividends from XYZ Corp.7,000Kevin received tax refunds when he filed his 2017 tax returns in April 2018. His federal refund was $600 and his state refund was $300. Kevin included his state taxes paid in 2017 in his $13,000 of itemized deduction on his 2017 return. Due to changes in circumstances, Kevin is not itemizing deductions on his 2018 return. Compute Kevin's taxable income for 2018.
What will be an ideal response?
| Salary | $70,000 |
| Bank interest | 5,500 |
| Dividends | 7,000 |
| State refund | 300 |
| AGI | $82,800 |
| Standard deduction | (12,000) |
| Taxable income | $70,800 |
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