Joe is a single, self-employed individual who owns his own business. During 2015 Joe reported $200,000 gross

Question:

Joe is a single, self-employed individual who owns his own business. During 2015 Joe reported $200,000 gross income and $60,000 expenses from his business. He also paid $30,000 in alimony to his former spouse, $4,000 mortgage interest on his personal home, $6,000 for health insurance premiums, and $2,000 for medicine and doctors. Ignoring any self-employment tax on the business income, what is Joe’s AGI for 2015?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

Question Posted: