Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego. Owen 4 years old lives with Lizzy all year Katelyn 5 years old lives with Lizzy 9 months of the year and 3 months with her dad. Lizzy has W-2 Salary income of $95,000 from the Navy Moving expense reimbursement from the Military of $15,000. Student Loan interest of $2,000. IRA contribution of $6,000 for retirement savings. State Taxes of $9,000 Sales taxes of $1,800 Charitable donations to her church of $3,900 She rents a home at the beach. What is her taxable income? 70,350 68,350 83,350 80,100 74,100
Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego. Owen 4 years old lives with Lizzy all year Katelyn 5 years old lives with Lizzy 9 months of the year and 3 months with her dad. Lizzy has W-2 Salary income of $95,000 from the Navy Moving expense reimbursement from the Military of $15,000. Student Loan interest of $2,000. IRA contribution of $6,000 for retirement savings. State Taxes of $9,000 Sales taxes of $1,800 Charitable donations to her church of $3,900 She rents a home at the beach. What is her taxable income? 70,350 68,350 83,350 80,100 74,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego.
Owen 4 years old lives with Lizzy all year
Katelyn 5 years old lives with Lizzy 9 months of the year and 3 months with her dad.
Lizzy has W-2 Salary income of $95,000 from the Navy
Moving expense reimbursement from the Military of $15,000.
Student Loan interest of $2,000.
IRA contribution of $6,000 for retirement savings.
State Taxes of $9,000
Sales taxes of $1,800
Charitable donations to her church of $3,900
She rents a home at the beach.
What is her taxable income?
70,350
68,350
83,350
80,100
74,100
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