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Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Julie had the following tax information: Standard Deduction Table.
Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Julie had the following tax information: Standard Deduction Table.
|
|
|
Salary | $ | 95,000 |
Interest and dividend income |
| 12,800 |
Capital gain from sale of investments |
| 11,000 |
Above-the-line deductions |
| 800 |
Itemized deductions |
| 6,900 |
|
|
Compute Julie's adjusted gross income (AGI) and taxable income.
A) AGI $118,000; taxable income $92,750 B) AGI $118,000; taxable income $90,900 C) AGI $118,000; taxable income $99,650 D) AGI $107,000; taxable income $88,700
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