Erica owned stock that increased in value by $20,000 during the year. She sold this stock and
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Erica owned stock that increased in value by $20,000 during the year. She sold this stock and also received $2,000 in qualified dividends before she sold the stock. She also earned a $50,000 salary from which she received 41,000 in cash because $9,000 of taxes were withheld ($5,000 federal, 1,000 state, and $3,000 social security). Erica saved $30,000 of her net salary and used the other $11,000 to make charitable contributions which qualified as itemized deductions. Erica’s filing status is single. Given these facts, how much is Erica’s taxable income for 2019?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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