Answer:
[tex]\$23670[/tex] and [tex]\$15470[/tex]
Step-by-step explanation:
Given: Gross Income= [tex]\$23670[/tex]
Exemption= [tex]\$8200[/tex]
As there is no other income is given or any tax been paid yet, so the Annual gross income (AGI) will be [tex]\$23670[/tex]
AGI= [tex]\$23670[/tex]
Now, to find the taxable income
There is 1 exemption is given [tex]\$8200[/tex]
∴ Taxable income = AGI minus Exemption
Taxable income = [tex]23670 - 8200[/tex]
= [tex]\$ 15470[/tex] is the taxable income.
