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3. Kaylee is a self-employed investment counselor who also owns a rental property. This year, she...

3. 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 premiums (not through an exchange) $ 4,200 Life insurance premiums (whole life) 1,900 Books on investing 200 Repairs of the rental property 450 Advertising for investment clients 1,770 State income taxes 4,300 Self-employment tax (half is employer share) 11,732 Kaylee files single. Calculate her adjusted gross income. Please show all workings.

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Answer #1

Adjusted gross income = Fee - (Health insurance premium + Books on investing + Repairs of the rental property + advertising + 50% of self employment tax)
= $85,000 - (4,200 + 200 + 450 + 1,770 + (11,732/2))
= $85,000 - $12,486
= $72,514.

Adjusted gross income = $72,514.

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