Question
Tanesha, aged 66, is single. She has the following income and expenses in 2019: Net income from sole proprietorship business $43,000 Interest income 1,200 Alimony
Tanesha, aged 66, is single. She has the following income and expenses in 2019:
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a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".
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The standard deduction for single filing status is $12,200. If applicable, the additional standard deduction for single taxpayers is $1,650.
In your computations, when required, round all amounts to the nearest dollar.
b. Tanesha's total income is $, and her AGI is $. (The total income is not $54,200.)
c. Compute the amount of her total itemized deductions (after any limitations): $
d. Compute her taxable income. $
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