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

Question 102

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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 insurance prernums  Life insurance premiums (whole life)  Books on irvesting  Repairs of the rental property  Advertising for irvestrnent clients  state income taxes  Self-employment tax (1/2 is employer share) $4,2001,9002004501,7704,30011,73\begin{array}{l}\begin{array}{lll}\text { Health insurance prernums } \\\text { Life insurance premiums (whole life) } \\\text { Books on irvesting } \\\text { Repairs of the rental property } \\\text { Advertising for irvestrnent clients } \\\text { state income taxes } \\\text { Self-employment tax (1/2 is employer share) }\end{array}\begin{array}{lll}\$4,200 \\1,900 \\200 \\450 \\1,770 \\4,300 \\11,73\end{array}\end{array}
Kaylee files single with one personal exemption.Calculate her adjusted gross income.

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

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