Only typing answerPlease explain step by step Compute the taxable income for Bill on the following information. Bill is married but has not seen or heard from his spousesince 2021.SalaryInterest on bonds issued by the City of ChicagoInterest on CD issued by PNC BankCash dividend received on common stockLife insurance proceeds paid on death of aunt (Bill is the beneficiary of the policy)Inheritance received on death of auntCash gift from parentsTotal itemized deductionNumber of dependent childrenOA. $58100O B. $64,600O C. $71,050D. $89,600$80,0004,0002,5001,500250,00025,00026,00015,0002

The standard deduction amounts for 2022 are: Married Filing Jointly or Qualifying Widow(er) –…

Answered: Compute the taxable income

Business

Accounting

Compute the taxable income

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 29P

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Please explain step by step

Compute the taxable income for Bill on the following information. Bill is married but has not seen or heard from his spouse
since 2021.
Salary
Interest on bonds issued by the City of Chicago
Interest on CD issued by PNC Bank
Cash dividend received on common stock
Life insurance proceeds paid on death of aunt (Bill is the beneficiary of the policy)
Inheritance received on death of aunt
Cash gift from parents
Total itemized deduction
Number of dependent children
OA. $58100
O B. $64,600
O C. $71,050
D. $89,600
$80,000
4,000
2,500
1,500
250,000
25,000
26,000
15,000
2

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