Use 2020 Tax Rules Betty W2 is as follows:               Gross wages                                                            62,800               Federal income tax withheld                                   10,000               State of Arizona income tax withheld

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Use 2020 Tax Rules

Betty W2 is as follows:

              Gross wages                                                            62,800

              Federal income tax withheld                                   10,000

              State of Arizona income tax withheld                    2,954

During the year Betty received interest of $1,300 from Arizona Savings Bank and $400 from Mesa Bank. With a $1,100 income tax refund from Arizona State on May 8th, 2020. Since 2019 Tax return she reported $28,200 in itemized reduction - including $2,200 of state income tax withheld.

She has a Short Term Capital Gain (stocks) of 700. Betty bought a used sport utility vehicle for $6,000 on June 5, 2020. She purchased it from her brother-in-law who was unemployed and was in need of cash. On November 2, 2020, she sold the vehicle to a friend for $6,500.

She has a revenue of $61,370 with an expense of $1,240 and other expenses of $3,500. She also has purchased assets for a total of $12,000.

Calculate her Total Gross Income: The answer is 113,630, but I keep getting 2,200 off.

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