Calculate Adjusted Gross
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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 |
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