Susan is a self-employed environmental consultant and receives $40,000 in business income. Interest on several savings accounts totals $600, and stock dividends are $300. Sale of stock results in a $ 1000 short-term capital gain, and taxable refund of state and local taxes were $100.This year she contributed $4000 to her company?s retirement plane which is tax deferred. One-half of her Social Security tax payment is $3800, and she made payments of $2400 for self-employment health insurance premiums. Susan is single and makes mortgage interest payments of $7500, pays state and local income taxes of $2500 and property taxes of $ 1500. Miscellaneous deductions total $900, and charitable contributions are $800. Medical and dental expenses do not exceed 7.5% of AGI. Determine Susan’s (a) gross income, (b) adjusted gross income, (c) taxable income, and (d) tax owed.
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