Question
Xuxa is married and files jointly.She works for the ZYZ Company, and in her part time she works as a consultant.Last year, : ... A-Her
Xuxa is married and files jointly.She works for the ZYZ Company, and in her part time she works as a consultant.Last year, :...
A-Her pay is $2,000 a month.
B-Xuxa also works for her own as a consultant and received the followings as she arranges for her schedule C:
a.She received a 1099 from Ileana's Custom Jewelry for $28,800
b.During the year, she received a property from Alejandro in exchange for services ( with the market value of $5,000)
c.She also has some other miscellaneous income related to her business for 15,000 for which she did not receive any 1099.
d.For her business she used $1200 for marketing, $2,400 for utilities and $1800 for office supplies. These are all her qualified business expenses.
C-She purchased ( in 2000) a property worth $35,000, which this year she sold for $85,000.Then she purchased a new Hummer for $40,000 and went to Bahamas with the rest of her money.
D-She rented of her duplex and collected $1,000 a month, but she had to pay some of the expenses for this rental property.Taxes :$1200, Mortgage interest was $2,500, Repair and maintenance was $1,500 and Depreciation was $1,800 for the duplex.
E-Xuxa pays her student loan interest for $800, and contributes to her IRA $2,000 also pays $500 every quarter for her Self Employment Taxes and $200 a month for Self Employed Insurance.
F-She received a life insurance from her rich uncle for $500,000. She invested it in a financing company that would give her $60,000 a year for the next 10 years.This year, she received her first installment.
Remember to show all incomes and show the schedule used for each income, and then make adjustments to income.
What is her AGI? Show your work.
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