Calculate Adjusted Gross Income. John Smith is single-for 2022 Calculate Taxable Income Should he itemize or use
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Question:
Calculate Adjusted Gross Income. John Smith is single-for 2022
Calculate Taxable Income
Should he itemize or use standard deduction?
Salary | 80,000 | ||||
Dividend income | 8,000 | ||||
Rental Income | 16,000 | ||||
Rental Expenses | 12,000 | ||||
Contribution to traditional IRA | 5,000 | ||||
Property taxes on house | 25,000 | ||||
Interest on house | 15,000 | ||||
Medical Expenses | 40,000 | ||||
State income Taxes | 4,000 | ||||
Traffic Ticket for over speeding | 400 | ||||
Bribary to Police Officer | 500 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: