During $2022,$ Kasey$,$ a single$$ taxpayer, reports the following income and expense items relating to her interior design$$ business:

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Kasey also worked$$ part$-$time during the$$ year, earning $ $17$ comma $000.$ She reports a$$ long$-$term capital gain of $ $4$ comma $600,$ and a$$ short$-$term capital loss of $ $4$ comma $100.$ Her itemized deductions total $ $5$ comma $100.$

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Part $1$

Requirement a$.$ What is Kasey$\text{'}$s taxable income or loss for the$$ year?$($Use a minus sign or parentheses for a loss or negative adjusted gross$$ income.$)$

Gross income from business

Minus:

Business expenses

Net business income $($loss$)$

Salary

Net long$-$term capital gain

Adjusted gross income

Standard deduction

Taxable income $($loss$)$

Answer rating: 100% (QA)

To calculate Kaseys taxable income or loss for the year we need to follow these steps 1 Calculate th... View the full answer