In 2012, Lou has a salary of $54,000 from her job. She also has interest income of

Question:

In 2012, Lou has a salary of $54,000 from her job. She also has interest income of $1,700. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou:
a. Adjusted gross income $___________
b. Standard deduction $___________
c. Exemption $___________
d. Taxable income $___________