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4. Sally is an unmarried taxpayer with no dependents. She has the following items for the current year: Sally's Salary per Form W-2 $ 125,000 Federal income tax withheld per Form W-2 10,000 State income tax withheld per Form W-2 8,000 Gambling Losses (unfortunately no winnings) 9,000 Health insurance coverage paid by Sally's employer 14,000 Cash prize received from a radio contest 6,000 Inheritance received from Sally's Grandmother 15,000 Scholarship received and spent entirely on tuition and fees Alimony received from Sally's ex-husband under their 2010 divorce agreement What is Sally's AGI for the current year? 14,000 7,000

4. Sally is an unmarried taxpayer with no dependents. She has the following items for the current year: Sally's Salary per Form W-2 $ 125,000 Federal income tax withheld per Form W-2 10,000 State income tax withheld per Form W-2 8,000 Gambling Losses (unfortunately no winnings) 9,000 Health insurance coverage paid by Sally's employer 14,000 Cash prize received from a radio contest 6,000 Inheritance received from Sally's Grandmother 15,000 Scholarship received and spent entirely on tuition and fees Alimony received from Sally's ex-husband under their 2010 divorce agreement What is Sally's AGI for the current year? 14,000 7,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ee 408.

4. Sally is an unmarried taxpayer with no dependents. She has the following items for the current year: Sally's Salary per Form W-2 $ 125,000 Federal income tax withheld per Form W-2 10,000 State income tax withheld per Form W-2 8,000 Gambling Losses (unfortunately no winnings) 9,000 Health insurance coverage paid by Sally's employer 14,000 Cash prize received from a radio contest 6,000 Inheritance received from Sally's Grandmother 15,000 Scholarship received and spent entirely on tuition and fees Alimony received from Sally's ex-husband under their 2010 divorce agreement What is Sally's AGI for the current year? 14,000 7,000
Transcribed Image Text:4. Sally is an unmarried taxpayer with no dependents. She has the following items for the current year: Sally's Salary per Form W-2 $ 125,000 Federal income tax withheld per Form W-2 10,000 State income tax withheld per Form W-2 8,000 Gambling Losses (unfortunately no winnings) 9,000 Health insurance coverage paid by Sally's employer 14,000 Cash prize received from a radio contest 6,000 Inheritance received from Sally's Grandmother 15,000 Scholarship received and spent entirely on tuition and fees Alimony received from Sally's ex-husband under their 2010 divorce agreement What is Sally's AGI for the current year? 14,000 7,000
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