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Jeremy and Alyssa Johnson have been married for five years and do not have any children. Jeremy was married previously and has one child from
Jeremy and Alyssa Johnson have been married for five years and do not have any children. Jeremy was married previously and has one child from the prior marriage. He is self-employed and operates his own computer repair store. For the first two months of the year, Alyssa worked for Office Depot as an employee. In March, Alyssa accepted a new job with Super Toys Inc. (ST), where she worked for the remainder of the year. This year, the Johnsons received $258,000 of gross income.
- Expenses associated with Jeremys store include $40,750 in salary (and employment taxes) to employees, $45,900 of supplies, and $18,300 in rent and other administrative expenses.
- As a salesperson, Alyssa incurred $2,030 in travel expenses related to her employment that were not reimbursed by her employer.
- The Johnsons own a piece of raw land held as an investment. They paid $530 of real property taxes on the property and they incurred $215 of expenses in travel costs to see the property and to evaluate other similar potential investment properties.
- The Johnsons own a rental home. They incurred $8,530 of expenses associated with the property.
- Jeremy paid $4,530 for health insurance coverage for himself (not through an exchange). Alyssa was covered by health plans provided by her employer, but Jeremy is not eligible for the plan until next year.
- Jeremy paid $2,530 in self-employment taxes ($1,265 represents the employer portion of the self-employment taxes).
- Jeremy paid $5,060 in alimony and $3,045 in child support from his prior marriage (divorce decree executed in 2010).
- The Johnsons donated $2,030 to their favorite charity.
Determine the Johnson's AGI given the above information:
Johnson AGI |
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