A marriedtaxpayer, age 57, has the following receipts:

Salary $50,000

Dividends from stock of domestic corportaion $1,455

Interest on state toll road bonds $750

Gambling winning $110

Rents $5,600

During the tax year, the taxpayer pays $2,200 in taxes on his rental property and $2,650 for its operation and maintenance. He had gambling losses of $65. He made no charitable contributions. 

Calculate the taxpayer's gross income, adjusted gross income, and taxable income.

Answer rating: 100% (QA)

To calculate the taxpayers gross income we need to add up all the different ty... View the full answer