Danny, a resident alien, is married with 4 children, all minors, by his Filipino wife, full-time housewife.?
He prefers the optional standard deduction. For the taxable year 2006, below are additional data: Gross business income 1...
He prefers the optional standard deduction. For the taxable year 2006, below are additional data:
Gross business income 1, 500, 000
Gross compensation income 600, 000
Itemized Deductions 500, 000
Premiums paid on health ins. 20, 000
Prizes won in a billiard tournament 100, 000
What is the taxable income?
What is the tax due?