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Mary is a single person who earms $70,000 in salary for 2021 and has other income from a variety of investments, as follows: Bank savings
Mary is a single person who earms $70,000 in salary for 2021 and has other income from a variety of investments, as follows:
Bank savings account interest $5,500
Interest from State of Missouri Bonds 3,500
Dividends from XYZ Corp. 7,000
Mary received tax refunds when she filed her 2020 tax returns in April 2021. Her federal refund was $600 and her state refund was $300. Mary included her state taxes paid in 2020 in her $19,000 of itemized deduction on her 2020 return. Due to changes in circumstances, Mary is not itemizing deductions on her 2021 return.
Compute Mary's taxable income for 2021.
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