14. Jen and her husband divorced three years ago. During the current tax year, she received...

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14. Jen and her husband divorced three years ago. During the current tax year, she received $18,000 in child support for her 12- year old son who lives with her in the home she purchased last year. Jen's former husband asked her to sign form 8832 giving him the dependency exemption for their child, but she refused. Jen's salary was $68,000, she contributed $5,500 to a traditional IRA, and she earned $150 interest income on a savings account and another $400 of tax-exempt interest income. Jen's parents forgave a $9,000 loan they'd made to her when she purchased her home because they wanted to help her out. Jen had itemized deductions totaling $12,750 in 2019. a) What is Jen's taxable income for 2019? b) What is Jen's income tax liability for 2019 before taking any credits into account? (10 points) 14. Jen and her husband divorced three years ago. During the current tax year, she received $18,000 in child support for her 12- year old son who lives with her in the home she purchased last year. Jen's former husband asked her to sign form 8832 giving him the dependency exemption for their child, but she refused. Jen's salary was $68,000, she contributed $5,500 to a traditional IRA, and she earned $150 interest income on a savings account and another $400 of tax-exempt interest income. Jen's parents forgave a $9,000 loan they'd made to her when she purchased her home because they wanted to help her out. Jen had itemized deductions totaling $12,750 in 2019. a) What is Jen's taxable income for 2019? b) What is Jen's income tax liability for 2019 before taking any credits into account? (10 points)

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computation of federal tax liability Salary Income 68000 INTEREST INCOME 150 400 tax exempt interest ... View the full answer