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Kaylee is a self-employed investment counselor who also owns a rental property. Kaylee files single with one personal exemption. This year, she collected $85,000 in
Kaylee is a self-employed investment counselor who also owns a rental property. Kaylee files single with one personal exemption. This year, she collected $85,000 in fees related to investment counseling business and $15,000 in rental income and paid the expenses listed below.
Health insurance premiums | 4,200 | |
Life insurance premiums | 1,900 | |
(whole life policy) | ||
Depreciation on the rental property | 1,650 | |
Registration fees for investment seminars | 2,690 | |
Books on investing | 2,850 | |
Repairs of the rental property | 1,450 | |
Advertising for investment clients | 1,770 | |
State income taxes | 4,300 | |
Self employment tax | 11,732 |
What is her gross income, deductions for AGI, AGI, deductions from AGI, and taxable income?
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