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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
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
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