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Ron’s gross income is $50,000. He contributed $500 to charity. The mortgage interest on his first home is $3,000 and his medical expenses are $1,500. What is Ron’s taxable income? Ron’s total deduction is $and his taxable income is $.

Respuesta :

well first its 50,000 - 500 - 3,000 - 1,500 which equal to 5,000 and 50,000 - 5,000 equal 45,000 . so your answer is 5,000 an 45,000
arshikhan8123

Ron’s total deduction is $5000 and his taxable income is $45,000.

Total deduction= mortgage interest + charity + medical expenses

=$3,000 + $500 + $1,500

=$5,000

What is your taxable income?

Taxable income is the amount of income used to calculate the taxes owed by an individual or a company. Taxable income is frequently referred to as adjusted gross income or adjusted income minus deductions or exemptions.

Taxable income = gross income - total deduction

=$50,000 - $5,000

=$45,000

Learn more about taxable income here https://brainly.com/question/25641320

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