A 70-YEAR OLD NEW YORK CITY RESIDENT IS RETIREE FROM THE BANK OF AMERICA HAD THE FOLLOWING ACTIVITY DURING 2022:

*$25000 OF 401K PENSION BENEFITS. NO TAXES WERE WITHHELLD

*$30000 OF SOCIAL SECURITY BENEFITS. NO TAXES WERE WITHHLED

*THE RETIREE SOLD HER PRIMARY RESIDENCE FOR $1.2M DURING 2022. SHE HAD BOUGHT THE HOUSE IN 1980 ABD GER FULLY ADJUSTED BASIS - INCLUDING CLOSING COST OF $450,000

ASSUME THE FOLLWING FOR 2022:

HER FEDERAL STANDARD DEDUCTION IS $14700

HER BLENDED FEDERAL TAX RATE IS 15.3%

HER NET INVESTMENT TAX EXCLUSION IS $200,000

*THE NYS STANDARD DEDUCTION IS $8000 IN 2022

HER BLENDED NY - NYC TAX RATE IS 10.7%

SHE ENJOYED A NYC SCHOOL TAX CREDIT $1127

REQUIRED : COMPUTE HER AFTER TAX PROCEEDS FOR 2022 AND EXAMPLE SIMPLE AS POSSIBLE IT WILL BE BE GREAT.

Calculate with a little explanation)