Question
The following information applies to Jasmine, who is single, for 2017: Salary $56,000 Interest income from First Bank of Lexington 1,500 Dividends from Watters Company
The following information applies to Jasmine, who is single, for 2017:
Salary $56,000
Interest income from First Bank of Lexington 1,500
Dividends from Watters Company stock 3,000
Contribution to a traditional IRA 4,000
Loan repayment from her friend 1,000
Capital loss from sale of personal vehicle (2,300)
Number of potential dependents ?
Age 44
Jasmine maintains a household for her sister, who has $9,000 from Social Security. In addition, Jasmine's aunt lives with her and has income of $3,000.
The personal exemption amount for 2017 is $4,050.
Calculate Jasmine's Taxable Income for 2017.
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