Question: Compute the taxable income for 2014 for Emily on the

Compute the taxable income for 2014 for Emily on the basis of the following information. Her filing status is single.
Salary ............................... $85,000
Interest income from bonds issued by Xerox ............... 1,100
Alimony payments received ....................... 6,000
Contribution to traditional IRA ........................ 5,500
Gift from parents .............................................. 25,000
Short-term capital gain from stock investment ............... 2,000
Amount lost in football office pool (sports gambling is
against the law where Emily lives) .................. 500
Number of potential dependents (two cousins, who live in Canada) .. ?
Age ................................ 40

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  • CreatedMay 25, 2015
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