Case 1: Austin works as a sales representative and travels extensively for his employer's business. This year Austin was paid $85,000 in salary and made the following expenditures: State income taxes withheld Employee business expenses (unreimbursed portion) 1,230 Charitable cash contributions Investment counseling fees Tax preparation fee $5,400 300 870 310 Austin also made a number of trips to Las Vegas for gambling. This year Austin won $11,000 in a poker tournament, and this amount was almost enough to offset his other gambling losses ($15,120). Question 1: What is Austin's 2022 taxable income if he files as an unmarried individual?
Case 1: Austin works as a sales representative and travels extensively for his employer's business. This year Austin was paid $85,000 in salary and made the following expenditures: State income taxes withheld Employee business expenses (unreimbursed portion) 1,230 Charitable cash contributions Investment counseling fees Tax preparation fee $5,400 300 870 310 Austin also made a number of trips to Las Vegas for gambling. This year Austin won $11,000 in a poker tournament, and this amount was almost enough to offset his other gambling losses ($15,120). Question 1: What is Austin's 2022 taxable income if he files as an unmarried individual?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ef 449.
Transcribed Image Text:Case 1:
Austin works as a sales representative and travels extensively for his employer's business. This year Austin was paid $85,000 in salary and made the following
expenditures:
State income taxes withheld i
Employee business expenses (unreimbursed portion) 1,230
Charitable cash contributions
Investment counseling fees
$5,400
Tax preparation fee
300
870
310
Austin also made a number of trips to Las Vegas for gambling. This year Austin won $11,000 in a poker tournament, and this amount was almost enough to
offset his other gambling losses ($15,120).
Question 1: What is Austin's 2022 taxable income if he files as an unmarried individual?
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