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Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) $65,000 6,000 3,500 12,000

Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) $65,000 6,000 3,500 12,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LO.1 Daniel, age 38, is single and has the following income and expenses in 2021: Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax $65,000 6,000 3,500 12,000 9,900 Provincie naon 1,200 6,000 2,100 2,000 3,250 2,300 5,800 a. Calculate Daniel's AGI. b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
Transcribed Image Text:LO.1 Daniel, age 38, is single and has the following income and expenses in 2021: Salary income Net rent income Dividend income Payment of alimony (divorce finalized in March 2019) Mortgage interest on residence Property tax on residence Contribution to traditional IRA Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax $65,000 6,000 3,500 12,000 9,900 Provincie naon 1,200 6,000 2,100 2,000 3,250 2,300 5,800 a. Calculate Daniel's AGI. b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
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