Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camilles home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $100,000 and contributed $6,100 of it to a qualified retirement account (a for AGI deduction). She also received $15,000 of alimony from her former husband. Finally, Camille paid $4,500 of expenditures that qualified as itemized deductions.

What is Camilles taxable income?

1. Gross Income _____

2. For AGI Deductions ______

3. Adjusted Gross Income ______

4. Standard Deductions ______

5. Itemized Deductions _______

6. Greater of Standard Deductions or itemized deductions _______

7. Personal and dependency exemptions _____

8. Total deductions from AGI _______

9. Taxable Income ________

What would Camilles taxable income be if she incurred $12,500 of itemized deductions instead of $4,500?

c. Gross Income _____

1. For AGI Deductions ______

2. Adjusted Gross Income ______

3. Standard Deductions ______

4. Itemized Deductions _______

5. Greater of Standard Deductions or itemized deductions _______

6. Personal and dependency exemptions _____

7. Total deductions from AGI _______

8. Taxable Income ________

c. Assume the original facts except that Camilles daughter, Kaly, is 25 years old and a full-time student. Kalys gross income for the year was $7,100. Kaly provided $4,260 of her own support, and Camille provided $7,100 of support. What is Camilles taxable income?

1. Gross Income _____

2. For AGI Deductions ______

3. Adjusted Gross Income ______

4. Standard Deductions ______

5. Itemized Deductions _______

6. Greater of Standard Deductions or itemized deductions _______

7. Personal and dependency exemptions _____

8. Total deductions from AGI _______

9. Taxable Income ________