Kaylee, single and age 42, has the following items of income and expense for the current tax year (2021). Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 (2016 divorce decree) Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 Medical expenses: $7,500 What is her taxable income? a. b. C. d. $36,500. $38,450. $48,450. $51,000.
Kaylee, single and age 42, has the following items of income and expense for the current tax year (2021). Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 (2016 divorce decree) Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 Medical expenses: $7,500 What is her taxable income? a. b. C. d. $36,500. $38,450. $48,450. $51,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Kaylee, single and age 42, has the
following items of income and
expense for the current tax year (2021).
Wages: $60,000
Interest: $1,000
Inheritance: $50,000
Alimony paid: $10,000 (2016 divorce
decree)
Child support paid: $8,000
Federal taxes paid: $5,000
State taxes paid: $2,000
Medical expenses: $7,500
What is her taxable income?
a.
b.
C.
d.
$36,500.
$38,450.
$48,450.
$51,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F202cad09-66ec-45e3-9680-fd593c683b25%2F7bdb98fe-0b1e-46f6-8ac9-b1eedd81655c%2F11prk96_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Kaylee, single and age 42, has the
following items of income and
expense for the current tax year (2021).
Wages: $60,000
Interest: $1,000
Inheritance: $50,000
Alimony paid: $10,000 (2016 divorce
decree)
Child support paid: $8,000
Federal taxes paid: $5,000
State taxes paid: $2,000
Medical expenses: $7,500
What is her taxable income?
a.
b.
C.
d.
$36,500.
$38,450.
$48,450.
$51,000.
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