Read through the following items and determine what the taxable income is. For any amount that is not taxable or tax deductible explain why it is not. Enter your answers in the shaded boxes. Examples follow: Example: Jesse earned $100 of savings account interest and $500 from child support. Example: Jesse had $100 of credit card interest and $1,000 of mortgage interest Example: Jessie had $3,000 of Schedule C business expenses and $1,500 of hobby expenses To my friendly student tax preparer: Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year ... whatever that means (USE 2021 RULES). It's been a busy year and I'm a busy man, so let me give you the lowdown on my life and you can do your thing. Taxable Income FOR AGI Deductions FROM AGI Deductions $ 100 (1,000) $ (3,000) Explanation for anything excluded $500 child support is excluded from income $100 credit card interest is not deductible Hobby expenses are not deductible Taxable Income (Positive numbers) numbers) FOR AGI FROM AGI Deductions Deductions (Negative (Negative numbers) Explanation for anything excluded n. 0. p. q. I paid a lot of money in interest this year. I paid a total of $950 in personal credit card interest. I also paid $18,000 in interest on my $500,000 home mortgage that helped me buy my dream home. I also paid $16,000 in real estate taxes and have receipts showing I paid $4,100 in sales tax this year. I also licensed my new Corvette and that cost me personal property taxes of $4,500 - what a rip off! A few other things I want to tell you about this year. Someone broke into my house and stole my kid's brand new bicycle and my set of golf clubs. The total loss from theft was $900. I paid $125 in union dues this year. I had to pay $1,200 for new suits for my job. Roca Cola requires its managers to wear suits every day on the job. I spent a total of $1,300 to pay for gas to commute to my job this year. Oh, this is pretty cool. I've always wanted to be a firefighter. I spent $1,400 in tuition to go to the local firefighter's school. I did this because someone told me that I can deduct the tuition as an itemized deduction, so the money would be coming back to me