The Tax Questions Blog

Question: Taxable income?

Help! A single parent with three dependent children and qualifies as head of household in 2007. How do I determine taxable income if she has salary income of $71,000 and interest income of $1,500.

Answer: Based solely on the information provided, taxable income is $51,050. AGI is $72,500. Standard deduction, $7850, Exemption $13,600 (3400 * 4.)

Wealth Check: Can I do an MBA and save for a house as well?

The patient Twenty-two-year-old graduate and trainee accountant Obiocha Ikezogwo is keen to get a handle on her finances so she can realise her dream of doing an MBA and purchasing a property overseas. Having grown up in Nigeria, Obiocha would like to reconnect with the place she calls home and get her foot on the property ladder there within four years. She feels that having an MBA will boost ...

I hate income tax man.....

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