Your neighbor earned wages of $86,400, won $350,000 on a television game show, and contributed $50,000...

 

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Your neighbor earned wages of $86,400, won $350,000 on a television game show, and contributed $50,000 to a tax-deferred savings plan. She is entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $9200 and she contributed $95,000 to charity. Find the gross income? $ Find the adjustable gross income? Find the taxable income? $ Your neighbor earned wages of $86,400, won $350,000 on a television game show, and contributed $50,000 to a tax-deferred savings plan. She is entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on her home mortgage was $9200 and she contributed $95,000 to charity. Find the gross income? $ Find the adjustable gross income? Find the taxable income? $

Answer rating: 100% (QA)

Solution 1 Computation of gross income as follows G... View the full answer