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Kaylee Is a Self-Employed Investment Counselor Who Also Owns a Rental

Question 98

Essay

Kaylee is a self-employed investment counselor who also owns a rental property.This year,she collected $85,000 in fees and paid the following expenses:
Health insurarne premiurs (not through ar excharge)                $4,200\$ 4,200
Life insurarce premiurs (whole life)                                           1,9001,900
Books on irvesting                                                                       200200
Repairs of the rental property                                                        450450
Advertising for irvestruent clients                                              1,7701,770
State incorne taxes                                                                      4,3004,300
Self employment tax (1/2 is employer share)                            11,73211,732
Kaylee files single with one personal exemption.Calculate her adjusted gross income.

Correct Answer:

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$72,514 = $85,000 − $12,486
The books on...

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