Question
This year Jack intends to file a married-joint return.Jack received $174,000 of salary and paid $9,900 of interest on loans used to pay qualified tuition
This year Jack intends to file a married-joint return.Jack received $174,000 of salary and paid $9,900 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,900 and $32,400 of alimony to his ex-wife, Diane, who divorced him in 2012.(Round your intermediate calculations and final answer to the nearest whole dollar amount.)
A. What is Jack's adjusted gross income?
B. Suppose that Jack also reported income of $13,050 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income.What AGI would Jack report under these circumstances?
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Management Accounting Information for creating and managing value
Authors: Kim Langfield Smith, David Smith, Paul Andon, Ronald Hilton, Helen Thorne
8th edition
9781760420413 , 978-1760420406
