In 2016, Lou has a salary of $53,300 from her job. She also has interest income of

Question:

In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou:

a. Adjusted gross income ..........................$__________________

b. Standard deduction ...............................$__________________

c. Exemption ...............................................$__________________

d. Taxable income ......................................$__________________

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...