Kelly is single; her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items of income and expense:
INCOME:
Salary....................................................................$60,000
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
SALES OF CAPITAL ASSESTS:
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
Life insurance proceeds received on the death of her mother..............100,000
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.........................................................7,000
Compute Kelly's taxable income and her net tax due or refund expected for 2013.