Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income? a.
$39,805
b.
$35,526
c.
$37,576
d.
$43,276