Homework Problem II Mila Kunis is a single parent living with her two daughters, whom she provides all support. Her daughters are age 12 and 19 years old, with the eldest attending GCC. During the past year, her investments have appreciated from a cost of $20,000 to a year-end value of $22,000. She had income and expenditures for the year as follows. $76,000 3,000 Salary Prizes won on Wheel of Fortune Interest income from: Bank account City of Mesa bonds Illegal income Inheritance received Gift from parent Contribution to Roth I.R.A. 1,000 2,000 8,000 40,000 10,000 5,000 Potential Itemized Deductions: Diamondbacks season tickets Food Interest expense on car loan Interest expense on home mortgage Property taxes paid (car and home) Charitable contributions Federal income tax withheld, State income tax withheld Tuition and books for GCC 4,400 5,000 1,200 6,000 2,000 2,000 7,000 3,000 3,200 ompute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded Note: It is not acceptable to submit this page as homework. Prepare answer, in good form, on a separate sheet. Homework Problem II Mila Kunis is a single parent living with her two daughters, whom she provides all support. Her daughters are age 12 and 19 years old, with the eldest attending GCC. During the past year, her investments have appreciated from a cost of $20,000 to a year-end value of $22,000. She had income and expenditures for the year as follows. $76,000 3,000 Salary Prizes won on Wheel of Fortune Interest income from: Bank account City of Mesa bonds Illegal income Inheritance received Gift from parent Contribution to Roth I.R.A. 1,000 2,000 8,000 40,000 10,000 5,000 Potential Itemized Deductions: Diamondbacks season tickets Food Interest expense on car loan Interest expense on home mortgage Property taxes paid (car and home) Charitable contributions Federal income tax withheld, State income tax withheld Tuition and books for GCC 4,400 5,000 1,200 6,000 2,000 2,000 7,000 3,000 3,200 ompute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded Note: It is not acceptable to submit this page as homework. Prepare answer, in good form, on a separate sheet