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Marsha Brady, a lawyer, whose filing status is single and has no dependents, operates a small pottery business in her spare time. During 2020, she
Marsha Brady, a lawyer, whose filing status is single and has no dependents, operates a small pottery business in her spare time. During 2020, she reported the following income and expenses from this activity which is classified as a trade or business.
Revenue from sale of pottery $ 7,900
Depreciation on potter's wheel (3,650)
Property taxes on pottery shed (3,800)
Supplies used such as clay, etc. (2,300)
In addition, she had salary of $85,000 and itemized deductions, not including any listed above, of $10,300.
- What is the amount of Marshas AGI in 2020?
- What is the amount of Marshas taxable income in 2020 (before any qualified business income deduction)?
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