Comprehensive Problem: Kelly Martin is divorced; her child, Barbara, lives with her and is her dependent. Kelly has the following items of income and expense:

Income:
Salary.................................................................................................................$58,000
Cash dividends ....................................................................................................3,000
Interest income on City of New York bonds ....................................................5,000
Interest income on U.S. Treasury bills ..............................................................4,000
Net rental income ................................................................................................3,500
Alimony received from ex-husband ..................................................................2,500
Child support received from ex-husband .........................................................3,500
Life insurance proceeds received on the death of her mother ..................100,000
Sales of Capital Assets:
Stock held for 3 months (basis is $12,000) sold for ......................................18,000
Investment land held 5 years (basis is $30,000) sold for..............................14,000
Expenses:
Interest on the $150,000 principal from her home acquisition mortgage..6,000
Real property taxes on the home ....................................................................2,000
Charitable contributions ...................................................................................7,000
Qualifying child care expense ..........................................................................3,700
Federal income tax withheld ............................................................................6,000
Compute Kelly’s taxable income and her net tax due or refund expected for 2018.