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During the Current Year K Reported the Following Items: Wages \quad

Question 82

Multiple Choice

During the current year K reported the following items: Wages: \quad\quad\quad$50,000\quad \$ 50,000
Alimony paid: \quad5,000\quad 5,000
Child support paid: \quad\quad\quad 10,000
Federal income tax refund: \quad 1,000
State income tax refund: \quad 300 The Federal and State income tax refunds were for taxes paid in the prior year.During the current and prior year, K used the standard deduction rather than itemizing.How will these items affect K's taxable income for the current year?


A) Increase taxable income by $45,000
B) Increase taxable income by $45,300
C) Increase taxable income by $35,000
D) Increase taxable income by $35,300
E) Increase taxable income by $46,300

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