Kelly Martin is divorced; her dependent child, Barbara, lives with her and is her dependent. Kelly has the following items of income and expense:
Income:
Salary............................................................................$60,000
Cash dividends....................................................................3,000
Interest income on City of New York bonds.................................5,000
Interest income on U.S. Treasury bills..........................................4,000
Net rental income..................................................................3,500
Alimony received from ex-husband............................................2,500
Child support received from ex-husband......................................3,500
Life insurance proceeds received on the death of her mother............100,000
Sales of capital assets:
Stock held for 3 months (basis is $12,000) sold for........................18,000
I Investment land held 5 years (basis is $30,000) sold for...............14,000
Expenses:
Interest on the $150,000 principal from her home acquisition loan........6,000
Property taxes on the home......................................................2,000
Charitable contributions.........................................................7,000
Qualifying child care expense...................................................3,700
Federal income tax withheld....................................................7,000
Compute Kelly's taxable income and her net tax due or refund expected for 2016.