Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. Kaylee is a self-employed investment counselor who also owns a rental property. This year, she collected $85,000 in fees and paid the following expenses:
3. Kaylee is a self-employed investment counselor who also owns a rental property. This year, she collected $85,000 in fees and paid the following expenses: Health insurance premiums (not through an exchange) $ 4,200 Life insurance premiums (whole life) 1,900 Books on investing 200 Repairs of the rental property 450 Advertising for investment clients 1,770 State income taxes 4,300 Self-employment tax (half is employer share) 11,732 Kaylee files single. Calculate her adjusted gross income. Please show all workings.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started