Question

Marco makes $65,000 a year as a graphic designer. He makes a charitable donation of $1,000 each year. He also has $5,000 of business-related expenses, including travel and materials. What is Marco’s taxable income?

Answer 1

The correct answer is $59,000

Answer 2

If Marco makes $65,000 a year as a graphic designer. Marco’s taxable income is $59,000.

Taxable income

Using this formula

Taxable income=Amount earn per year-Charitable donation-Business related expenses

Let plug in the formula

Taxable income=$65,000-$1,000-$5,000

Taxable income=$59,000

Therefore Marco’s taxable income is $59,000.

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