Margaret, a single taxpayer, operates a small pottery activity in her spare time. During the current year, she reported the following income and expenses from this activity which is classified as a hobby: In addition, she had salary of $75,000 and itemized deductions, not including those listed above, of $2,200.
What is the amount of her taxable income?

Question

Margaret, a single taxpayer, operates a small pottery activity in her spare time. During the current year, she reported the following income and expenses from this activity which is classified as a hobby:  In addition, she had salary of $75,000 and itemized deductions, not including those listed above, of $2,200.
What is the amount of her taxable income?

Quizplus · Accepted Answer

The Answer of Margaret, a single taxpayer, operates a small pottery activity in her spare time. During the current year, she reported the following income and expenses from this activity which is classified as a hobby:  In addition, she had salary of $75,000 and itemized deductions, not including those listed above, of $2,200.
What is the amount of her taxable income?

Margaret, a Single Taxpayer, Operates a Small Pottery Activity in Her