A little help here?

Question

1. A woman earned wages of $53300​, received $2700 in interest from a savings​ account, and contributed ​$2500 to a​ tax-deferred retirement plan. She was entitled to a personal exemption of $3000 and had deductions totaling $5520 Find her gross​ income, adjusted gross​ income, and taxable income.

2.A woman is in the 33 % tax bracket and itemizes her deductions. How much will her tax bill be reduced if she qualifies for a $ 400 tax​ credit?

Answer 1

Hi Evan. Looks like no one like this question. I think it's because there is more than one way to come to the answers, and how it's done on tax forms isn't necessarily how it's taught in the SAT prep classroom.

A woman earned wages of $53300​, received $2700 in interest from a savings​ account, and contributed ​$2500 to a​ tax-deferred retirement plan. She was entitled to a personal exemption of $3000 and had deductions totaling $5520 Find her gross​ income, adjusted gross​ income, and taxable income.

gross income = wages + interest income = 53300 + 2700 = 56000

adjusted gross income (AGI) = gross income - tax-deferred retirement plan contributions = 56000 - 2500 = 53500

taxable income = AGI - exemptions - deductions = 53600 - 3000 - 5520 = 44980

A woman is in the 33 % tax bracket and itemizes her deductions. How much will her tax bill be reduced if she qualifies for a $ 400 tax​ credit?

Since a tax credit is subtracted after the taxes have been calculated, her tax bill will be reduced by the entire $400 of her tax credit.

Answer 2

tax deduction=53300*x%; I'm using 30%.

53300-15990+2700=37310+2700=40010

-2500=37510

+3000=40510

-5520=34990