- 6 - Petitioner was entitled to a personal exemption of $1,900 and a standard deduction of $1,880. For 1987, petitioner received taxable income in the amount of $51,044 (total deposits/credits of $54,824 less personal exemption of $1,900 and less standard deduction of $1,880 equals $51,044). For 1987, petitioner's total Federal tax liability equaled $20,009, of which $14,622 constituted income taxes and $5,387 constituted self-employment taxes. For 1988, of the above $57,825 in total funds deposited into or credited to petitioner's accounts, $1,596 constituted interest income earned on petitioner's deposits, $2,217 constituted rental income from the Housing Authority of the City of Chester, and $7,000 constituted a nontaxable transfer between accounts. Petitioner was entitled to a personal exemption of $1,950 and a standard deduction of $3,100. The following schedule reflects the calculation of petitioner's 1988 taxable income. Petitioner's 1988 Taxable Income Item Amount Total deposits/credits $57,825 Nontaxable transfer (7,000) Personal exemption (1,950) Standard deduction (3,100) Taxable income $45,775Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011