Question
Please respond quickly: Question: Only calculate the adjusted gross income! (use only relevant data) ALEX'S SALARY: TAXABLE WAGES (FROM HER SMALL S CORPORATION) 22,000 FEDERAL
Please respond quickly:
Question: Only calculate the adjusted gross income! (use only relevant data)
ALEX'S SALARY: | |
TAXABLE WAGES (FROM HER SMALL S CORPORATION) | 22,000 |
FEDERAL INCOME TAX WITHHELD | 1,200 |
STATE INCOME TAX WITHHELD | 400 |
INTEREST INCOME FROM CITIZENS BANK | 100 |
DIVIDEND INCOME FROM E*TRADE SECURITIES (2,500 ARE QUALIFIED DIVIDENDS) | 3,000 |
LONGTERM CAPITAL GAIN DISTRIBUTIONS FROM E*TRADE SECURITIES | 1,600 |
FOREIGN TAX WITHHELD FROM THE E*TRADE DIVIDENDS (TO BE TAKEN AS A TAX CREDIT) | 80 |
| |
ALEX IS A STOCKHOLDER in s CORPORATION AND QUALIFIES FOR THE QBI DEDUCTION: | |
SHORTTERM CAPITAL GAIN INCOME | 1,500 |
ORDINARY INCOME | 2,500 |
INTEREST INCOME | 110 |
CASH GIFT FROM HER COUSIN | 15,000 |
RECEIVED REPAYMENT OF A LOAN SHE MADE TO A BUSINESS COLLEAGUE | 2,000 |
| |
ALEX HAS BEEN SELFEMPLOYED TOO. SHE USES CASH BASIS ACCOUNTING. | |
GROSS RECEIPTS | 65,000 |
| |
Deductions-->ALEX'S BUSINESS EXPENSES | |
ADVERTISING | |
TELEPHONE | 700 |
INTERNET | 1,000 |
EQUIPMENT RENTAL | 700 |
LEGAL AND PROFESSIONAL FEES | 1,300 |
LIABILITY INSURANCE | 500 |
OFFICE SUPPPLIES EXPENSE | 1,200 |
2,300 | |
ALEX USED HER CAR TO TRAVEL TO CLIENTS. SHE USES THE MILEAGE METHOD TO DEDUCT AUTO EXPENSES. | |
ITEMIZED DEDUCTIONS: | |
REAL ESTATE TAXES | 2,800 |
HOME MORTGAGE INTEREST ON $32,000 MORTGAGE | 2,400 |
CASH CHARITABLE CONTRIBUTIONS | 300 |
OUTOFPOCKET MEDICAL EXPENSES (NOT HEALTH INSURANCE PREMIUMS) | 1,500 |
Other: | |
ALEX PAID NURSERY SCHOOL EXPENSES for ill mother | 4,200 |
ALEX CONTRIBUTED TO A TRADITIONAL IRA. | 5,000 |
ALEX MADE FOUR FEDERAL QUARTERLY ESTIMATED TAX PAYMENTS OF $2,000 EACH. | 8,000 |
ALEX MADE FOUR STATE INCOME TAX PAYMENTS IN 2021 OF $250 EACH. | 1,000 |
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