What is Adjusted Gross Income and Taxable Income?

THOUGHTS 11/3/2021 - Tax Problem for Conversation DESCRIPTION AMOUNT Wages from high-school teaching job (in Wisconsin) $50,000 Sale of personal boat. Cost of $12,000. $15,000 Sale Price $18,000 Original Cost Loss on sale of $1244 stock. Sale price was $8,000 $0 (worthless) Worthless stock. Had a cost of $5,000 $5,000 $1,000 $3,000 Cash received from giving diving lessons. Cash paid for the rental of pool for diving lessons. Had a bad debt with a friend equal to this amount. No collection (or future collection efforts) will be made. Explored a new business that would make diving boards. Rented a portion of his house out for 7 days. a $6,000 costs incurred $2,000 in income $250 Educator expenses $1,000 Cash donations made to World Vision 2021 ADJUSTED GROSS INCOME: 2021 TAXABLE INCOME (STD DED, SINGLE - $12,550): THOUGHTS 11/3/2021 - Tax Problem for Conversation DESCRIPTION AMOUNT Wages from high-school teaching job (in Wisconsin) $50,000 Sale of personal boat. Cost of $12,000. $15,000 Sale Price $18,000 Original Cost Loss on sale of $1244 stock. Sale price was $8,000 $0 (worthless) Worthless stock. Had a cost of $5,000 $5,000 $1,000 $3,000 Cash received from giving diving lessons. Cash paid for the rental of pool for diving lessons. Had a bad debt with a friend equal to this amount. No collection (or future collection efforts) will be made. Explored a new business that would make diving boards. Rented a portion of his house out for 7 days. a $6,000 costs incurred $2,000 in income $250 Educator expenses $1,000 Cash donations made to World Vision 2021 ADJUSTED GROSS INCOME: 2021 TAXABLE INCOME (STD DED, SINGLE - $12,550)