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Joan, age 32,purchased a residence this year. Joan is a single parent and lives with her 1-year-old daughter. This year, Joan received a salary of
Joan, age 32,purchased a residence this year. Joan is a single parent and lives with her 1-year-old daughter. This year, Joan received a salary of $160,000 and made the following payments:
Home mortgage interest ($500,000 acquisition debt)
$15,000
Real estate taxes
1,525
State income taxes paid
1,340
Income tax preparation fee
2,250
Charitable contributions (cash to their church)
120
Federal tax withholding on W-28,900
Construct a table to calculate Joan's AGI, Taxable Income, and Tax Liability.
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