Question

4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages Self-employed business income Real estate taxes paid (residence) Parking ticket paid for business Y self-employment tax Gambling income Scratch off lotto ticket winning Cash option taken from cafeteria plan Gambling losses Hobby income Supplies for self-employed business Office expense for self-employed business Sub-contractors for self-employed business. $10,000 $80,000 $ 25,000 $ 6,500 $ 200 $ 1,300 $ 5,000 $ 100 $1,000 $ 7,000 $ 2,500 $ 700 $ 8,000

Answer 1

solution particulars Amount ) 2500 100D Souto nages 25000 Add: self employed business income 5000 Add Gambling income Add a Hobby income Add: scratch off lotto ticket winning Add cash option taken from Cofetesica plan Lesss parking ticker paid for business (200) 1/2 self employement tax (1300) Supplies for self emplied business office expenses for self employed business (8000) sub contractors for self-employed business (10000) Gambling losses. 4000) Total Taxpayer AGI (113600-27200) 86400