Ken, a single taxpayer, has a gross income of $79,685. he claims one exemption and can take a deduction of $1,257 for medical expenses, a deduction of $2,181 for interest on his mortgage, an adjustment of $800 for alimony, a deduction of $1,419 for property taxes, an adjustment of $1,722 for business expenses, and an adjustment of $2,511 for contributions to his retirement fund. the standard deduction for a single filer is $5,700, and exemptions are worth $3,650 apiece. using the table below, how much does ken owe in income tax?
a.
$12,663
b.
$12,825
c.
$12,675
d.
$12,838

c. $12,675

Step-by-step explanation:

Income = $79,685

Adjustments = $800 + $1,722 + $2,511 = $5,033

Adjusted Income = $74,652

Exemption = $3,650

Standard Deduction = $5,700 (Worth more than the other deductions)

Taxable Income = $65,302

(1,1)

Step-by-step explanation:

The question is asking if there is a point, (x,y), that satisfies (works) for both equations.  Is there a combination of x and y that works in both.

We can solve this in one of two ways:  mathematically and graphically.  If the lines intersect, then they will have the one common value of (x,y).

Mathematically:

y = 3x − 2  

y = -2x + 3

Set them equal to each other (i.e., y = y)

3x − 2 = -2x + 3

5x = 5

x = 1

Use this value of x in either equation to find y:

y = 3x − 2

y = 3(1) − 2

y = 1

The common point is (1,1)

Graphically:

Plot the two lines and look for the intersection point.  See attached.

See attachment.

They intersect at (1,1)