1. The problem asks us to determine Lorraine's annual taxable income. 2. To solve this, we need to know Lorraine's total annual income and any deductions or exemptions. 3. Taxable income is calculated by subtracting deductions from total income: $$\text{Taxable Income} = \text{Total Income} - \text{Deductions}$$ 4. Without specific numbers provided, we cannot compute an exact value. 5. If you provide Lorraine's total annual income and deductions, I can calculate the taxable income step-by-step.