Kristal is single. Last year she earned $37,800 in wages. Additional tax information for the year is as follows: Interest earned: $128; capital gains from sale of stock: $1,850; alimony paid: $6,400; contributions to IRA retirement fund: $2,700; real estate taxes paid: $1,600; mortgage interest paid: $5,300. Find the taxable income for the year.

Question

Quizplus · Accepted Answer

Taxable income = Wages + Interest earned + Capital gains - Alimony paid - Contributions to IRA retirement fund - Real estate taxes paid - Mortgage interest paid= $37,800 + $128 + $1,850 - $6,400 - $2,700 - $1,600 - $5,300= $18,678

Kristal Is Single