Page 1: 5 2 3 9 Question 19 (3 points) Listen ‣ Jack and Sarah Rochester are married with a two-year-old child who lives with them and whom they support. Jack pays alimony to his ex-wife, Michelle, whom he divorced in 2014. This year, Jack and Sarah realized the following items. $40,000 : >> Jack's Salary $37,000 7 8 ✓ 9 Sarah's Salary > Jack's percentage share of income from an investment $15,000 19 10 11 12 partnership ✓ ✓ >>> Cash distributed from the partnership to Jack $8,000 Municipal bond interest $400 13 14 15 ✓ ✓ ✓ >> 16 17 18 119 Home Mortgage Interest (Itemized Deduction) Alimony paid (FOR AGI Deduction) ($7,000) ($10,000) Charitable Contributions (Itemized Deduction) State Income Tax (Itemized Deduction) ($2,100) ($5,200) Jack's employer withheld $2,000 from his salary, while Sarah's employer withheld $1,800 (both are prepayments). 19 20 21 What is the couple's adjusted gross income for the year? ✓ $67,700 2 23 21 2>2 24 $92,000 26 27 $93,000 $78,000 30 $85,000 30
Page 1: 5 2 3 9 Question 19 (3 points) Listen ‣ Jack and Sarah Rochester are married with a two-year-old child who lives with them and whom they support. Jack pays alimony to his ex-wife, Michelle, whom he divorced in 2014. This year, Jack and Sarah realized the following items. $40,000 : >> Jack's Salary $37,000 7 8 ✓ 9 Sarah's Salary > Jack's percentage share of income from an investment $15,000 19 10 11 12 partnership ✓ ✓ >>> Cash distributed from the partnership to Jack $8,000 Municipal bond interest $400 13 14 15 ✓ ✓ ✓ >> 16 17 18 119 Home Mortgage Interest (Itemized Deduction) Alimony paid (FOR AGI Deduction) ($7,000) ($10,000) Charitable Contributions (Itemized Deduction) State Income Tax (Itemized Deduction) ($2,100) ($5,200) Jack's employer withheld $2,000 from his salary, while Sarah's employer withheld $1,800 (both are prepayments). 19 20 21 What is the couple's adjusted gross income for the year? ✓ $67,700 2 23 21 2>2 24 $92,000 26 27 $93,000 $78,000 30 $85,000 30
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Page 1:
5
2
3
9
Question 19 (3 points)
Listen ‣
Jack and Sarah Rochester are married with a two-year-old child who lives with them and whom they support. Jack
pays alimony to his ex-wife, Michelle, whom he divorced in 2014. This year, Jack and Sarah realized the following
items.
$40,000
:
>>
Jack's Salary
$37,000
7 8
✓
9
Sarah's Salary
>
Jack's percentage share of income from an investment
$15,000
19
10 11 12
partnership
✓
✓
>>>
Cash distributed from the partnership to Jack
$8,000
Municipal bond interest
$400
13 14 15
✓
✓
✓
>>
16 17 18
119
Home Mortgage Interest (Itemized Deduction)
Alimony paid (FOR AGI Deduction)
($7,000)
($10,000)
Charitable Contributions (Itemized Deduction)
State Income Tax (Itemized Deduction)
($2,100)
($5,200)
Jack's employer withheld $2,000 from his salary, while Sarah's employer withheld $1,800 (both are prepayments).
19 20 21
What is the couple's adjusted gross income for the year?
✓
$67,700
2
23
21
2>2
24
$92,000
26 27
$93,000
$78,000
30
$85,000
30
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