During 2016, Gary earned $57,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a loan made to his brother. Gary spent one week serving on a jury and received $50. Gary received a refund of federal income taxes withheld during the prior year of $1,200 and a state income tax refund of $140. Gary had itemized deductions last year of $8,000 which included $1,000 of state income taxes. Gary received qualified dividends from Ace Corporation of $1,000 and from Tray Cor- poration of $1,400. Garys itemized deductions equal $9,000, and withholding for federal income taxes is $8,000. Compute Garys tax due or refund due for 2016.

Need this question to be answered in this formula format...

INDIVIDUAL

Column

List of Income (Make A List)

Total Income Minus:

Exclusions ( Things Which Are Not Taxable)

Gross Income Minus: Deductions: For Gross Income

ADJUSTED GROSS INCOME

Minus: Deductions:

For Gross Income 1 Itemized or Standard Deduction (Greater)

2 Personal & Dependency Exemptions

Taxable Income

only need to find taxable income