Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following taxx information Pete's salary - $ 60,000 Wife's income as an independent contractor -95,000 LT capital gains-2,800 Deduction for ½ of self-employment tax-6,712 State and local taxes -9,200 Charitable Contributions-3,500 Compute their adjusted gross income (AGI). O $157,800 O $148,288 O $164,512 O $151,088
Ma3.
1.Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following taxx information
Pete's salary - $ 60,000
Wife's income as an independent contractor -95,000
LT
Deduction for ½ of self-employment tax-6,712
State and local taxes -9,200
Charitable Contributions-3,500
Compute their adjusted gross income (AGI).
O $157,800
O $148,288
O $164,512
O $151,088
2.
Pete is a 26 year-old full-time student at ECU and made $5,000 by working at Publix this year. Pete lives with his grandparents and they provided at least 80% of Pete's financial support. Therefore, Pete's grandparents can claim him as a dependent on their federal income tax return this year (Gross income limit for qualifying Delative is $4,2001.
O True
O False
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