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Wally, single and age 42, has the following items of income and expense for the current tax year (2019). Wages: $60,000 Interest: $1,000 Inheritance: $50,000
Wally, single and age 42, has the following items of income and expense for the current tax year (2019). Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 (2016 divorce decree) Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 Medical expenses: $7,500 What is his taxable income?
a. $29,300.
b. $31,800.
c. $38,800.
d. $48,800.
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