M2 Cohort Session Assignment: Income Tax Fomula Instructions For full credit on the following problems, you must show your work (this means you need to show enough of your calculations that I can follow along to see exactly how you go to the answer). Background Information In 2023, Alex is a single individual with no dependents. Consider the following information for Alex: During the year, Alex earned 88,000 in salary working as a construction inspector for the city of Minneapolis, WI. From his paychecks, Alex had $16,000 withheld for federal income tax. In addition to working as a construction inspector, Alex also earned $21,000 of ordinary dividends from stock investments during the year. Because of the investment income, Alex made $5,250 of quarterly estimated tax payments during the year. During the year, Alex paid $7,000 in costs that are deductible as for-AGI deductions. Alex also paid $15,700 in items that are eligible to be included in itemized deductions for the year. During, the year, Alex paid $800 in costs that are eligible to be claimed as a refundable credit. Assume that Alex pays tax at a flat rate of 25%. Questions 1. What is Alex's Adjusted Gross Income (40 pt.)