Question
Calculate Adjusted Gross Income. John Smith is single-for 2022 Calculate Taxable Income Should he itemize or use standard deduction? Salary 80,000 Dividend income 8,000 Rental
Calculate Adjusted Gross Income. John Smith is single-for 2022
Calculate Taxable Income
Should he itemize or use standard deduction?
| Salary | 80,000 | ||||
| Dividend income | 8,000 | ||||
| Rental Income | 16,000 | ||||
| Rental Expenses | 12,000 | ||||
| Contribution to traditional IRA | 5,000 | ||||
| Property taxes on house | 25,000 | ||||
| Interest on house | 15,000 | ||||
| Medical Expenses | 40,000 | ||||
| State income Taxes | 4,000 | ||||
| Traffic Ticket for over speeding | 400 | ||||
| Bribary to Police Officer | 500 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
