Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. In 2019, Lexie had gross income of $57,000. She paid self-employment tax of $8,000, and cost of goods sold of $11,000. She also contributed

image text in transcribed

5. In 2019, Lexie had gross income of $57,000. She paid self-employment tax of $8,000, and cost of goods sold of $11,000. She also contributed $2,000 to a traditional IRA and $6,000 to her favorite charity (LMU Accounting!). What is the taxpayer's adjusted gross income for the year ended 12/31/2019? A. $55,000 B. $50,000 C. $46,000 D. $40,000 E. $36,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting A Guide For Non-specialists

Authors: Jimmy Winfield, Mark Graham, Taryn Miller

1st Edition

0198847270, 9780198847274

More Books

Students also viewed these Accounting questions

Question

LO6Outline steps for creating a performance improvement plan.

Answered: 1 week ago