Gabby is 36 years old and files as single. During 2021, Gabby has the following items...

 

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Gabby is 36 years old and files as single. During 2021, Gabby has the following items of Income and possible deductions: Income Items: Salary Interest income from Banks Municipal bond interest Dividends from a REIT (Real estate Workers compensation benefits Reimbursement of prior year Medical expenses - (Gabby claimed The standard deduction last year) Long term capital gain Short term capital loss investment trust) Possible deductions: Alimony paid to former spouse (2020 divorce) Child support paid to former spouse Total itemized deductions 150,000 7,500 3,000 10,000 12,000 2,000 2,000 (6,000) 20,000 12,000 15,000 Part a (1.5 points). Calculate Gabby's Gross income. Part b (1.5 points). Calculate Gabby's Adjusted Gross income. Part c (1.5 points). Calculate Gabby's Taxable income. Gabby is 36 years old and files as single. During 2021, Gabby has the following items of Income and possible deductions: Income Items: Salary Interest income from Banks Municipal bond interest Dividends from a REIT (Real estate Workers compensation benefits Reimbursement of prior year Medical expenses - (Gabby claimed The standard deduction last year) Long term capital gain Short term capital loss investment trust) Possible deductions: Alimony paid to former spouse (2020 divorce) Child support paid to former spouse Total itemized deductions 150,000 7,500 3,000 10,000 12,000 2,000 2,000 (6,000) 20,000 12,000 15,000 Part a (1.5 points). Calculate Gabby's Gross income. Part b (1.5 points). Calculate Gabby's Adjusted Gross income. Part c (1.5 points). Calculate Gabby's Taxable income.

Answer rating: 100% (QA)

PART A Gross Income Salary Interest income from Banks D... View the full answer