In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496
In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income?
Select one:
a. $79,348
b. $71,996
c. $55,496
d. $77,648
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