Question
During 2019, Misty Hales is divorced, has one dependent child age 7, and has the following income/losses: Salary - $77,220 Savings account - Bank interest
During 2019, Misty Hales is divorced, has one dependent child age 7, and has the following income/losses:
Salary - $77,220 Savings account - Bank interest - $3,650 Gift received - $10,000
Also, Misty made a Traditional IRA contribution - $6,500
Her itemized deductions are as follows:
Contributions - $5,250 Mortgage Interest - $6,665 Real Estate Taxes - $4,410
Qualified medical expenses - $17,340
Also, she had a total of $8,650 federal tax withheld on her W-2s
a) What is her AGI?
b) What is her Taxable Income?
c) What is her Tax liability?
d) What is her tax due or refund?
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