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Some of my answers are incorrect not sure which ones? PI:3-50 (similar to) Question Help Abe, who is single, retired from his job this year.
Some of my answers are incorrect not sure which ones?
PI:3-50 (similar to) Question Help Abe, who is single, retired from his job this year. He received a salary of $25,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $2,400. On August 1, he began receiving monthly pension payments of $1,600 and Social Security payments of $700. Assume an exclusion ratio of 40% for the pension. Abe owns a duplex that he rents to others. He received rent of $14,000 and incurred $17,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Abe's adjusted gross income. Gross income Minus: Deductions for Adjusted gross income Adjusted gross income Choose from any list or enter any number in the input fields and then click Check Answer. Abe, who is single, retired from his job this year. He received a salary of $25,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $2,400. On August 1, he began receiving monthly pension payments of $1,600 and Social Security payments of $700. Assume an exclusion ratio of 40% for the pension. Abe owns a duplex that he rents to others. He received rent of $14,000 and incurred $17,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Abe's adjusted gross income. Salary 25,000 Dividend income 2,400 Rental income Social security income (taxable portion) (3,000) 1,400 3,840 Pension income (taxable portion) Gross income 29,640 Minus: Deductions for Adjusted gross income Rental expenses (17,000) Adjusted gross income 12,640Step by Step Solution
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