(Click the icon to view the 2019 standard deduction amounts.) During 2019, Kaitlyn, a single taxpayer, reports the following income and expense items relating to her interior design business: E: (Click the icon to view the data.) Read the requirements Kaitlyn also worked part-time during the year, earning $17,000. She reports a long-term capital gain of $4,400, and a short-term capital loss of $3,750. Her itemized deductions total $5,300. Requirement a. What is Kaitlyn's taxable income or loss for the year? (Use a minus sign or parentheses for a loss or negative adjusted gross income.) Salary 55,000 Minus: Net business income (loss) THAT Adjusted gross income Taxable income (loss) Requirement b. What is Kaitlyn's NOL for the year? (Use a minus sign or parentheses for a loss or for a deduction. Use a positive number for all amounts being added.) Nonbusiness deductions: Minus: Plus: Excess of nonbusiness deductions over nonbusiness income Net operating loss X 1 Data Table Revenues $ 55,000 36,000 Cost of goods sold Advertising Office supplies 3,900 1,400 Rent 14,900 Contract labor 25,000 Print Done i Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,400 Heads of households $ 18,350 $ 12,200 $ 12,200 $1,300* Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $1,650* Print Done (Click the icon to view the 2019 standard deduction amounts.) During 2019, Kaitlyn, a single taxpayer, reports the following income and expense items relating to her interior design business: E: (Click the icon to view the data.) Read the requirements Kaitlyn also worked part-time during the year, earning $17,000. She reports a long-term capital gain of $4,400, and a short-term capital loss of $3,750. Her itemized deductions total $5,300. Requirement a. What is Kaitlyn's taxable income or loss for the year? (Use a minus sign or parentheses for a loss or negative adjusted gross income.) Salary 55,000 Minus: Net business income (loss) THAT Adjusted gross income Taxable income (loss) Requirement b. What is Kaitlyn's NOL for the year? (Use a minus sign or parentheses for a loss or for a deduction. Use a positive number for all amounts being added.) Nonbusiness deductions: Minus: Plus: Excess of nonbusiness deductions over nonbusiness income Net operating loss X 1 Data Table Revenues $ 55,000 36,000 Cost of goods sold Advertising Office supplies 3,900 1,400 Rent 14,900 Contract labor 25,000 Print Done i Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses $ 24,400 Heads of households $ 18,350 $ 12,200 $ 12,200 $1,300* Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. $1,650* Print Done