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Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information:
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $138,000 in salary. She received $15,000 of dividend income. She received $4,700 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $9,600. She received $11,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,000. Mary only has allowable itemized deductions of $4,000, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to
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