During 2022, Gary, 65 years of age, earned a salary of $97,000.00 as an executive at SpeedyCorp.

Gary received the following interest during 2022: -$400.00 from City of New York municipal bonds - $200.00 from a money market account - $210.00 from a loan made to his brother.

Gary paid $250 in investment interest to purchase his municipal bonds.

Garys employer, Speedy Corp, provides all of their employees with $100,000 of group term life insurance on a non-discriminatory basis.

Gary had invested in an annuity that started making monthly payments of $200.00 in April of 2022 when he turned 65. He had made an initial investment of $30,000.00 in the annuity.

Gary spent one week serving on jury duty and received $50.

Garys Aunt Ann gave him a gift of $15,000.00 for his birthday during the year.

Gary paid his ex-wife Pat $6,000.00 in child support during the year.

Gary received a refund of federal income taxes withheld during the prior year of $1,200.00 and a state tax refund of $140.00.

Gary received $1,400.00 of ordinary dividends from Tray Corporation. Gary had $9,000.00 withheld for federal income taxes during the year.

Garys father died and he received $500,000.00 in life insurance proceeds in 2022.

In 2019, Gary was in a car accident. During 2022, Gary received a judgment from a personal injury action in the amount of $190,000.00 related to the accident. He received $120,000.00 as a recovery for personal injuries and $70,000.00 in punitive damages.

Gary owns a house in Whitestone. The costs associated with the house were as follows: Mortgage interest $7,000.00 Real estate taxes $8,000.00 He paid hospital bills of $7,000.00 and doctors bills of $6,000.00.

His medical insurance company reimbursed him in the amount of $3,000.00 for the doctors bills. He had prescriptions in the amount of $500.00 and a vitamin expense of $200.00.

His charitable contributions included: $2,000.00 paid to St. Marys Church $ 500.00 paid to Mr. and Mrs. Elm whose house was damaged in a flood

A. What is Garys gross income?

B. What is Garys adjusted gross income?

C. What is Garys standard deduction?

D. What is Garys income due to life insurance proceeds?

E. What is Garys income from the annuity?

F. What is Garys net itemized deductions?

G. Calculate Garys tax due or refund for 2022.