F.26. 12.Misti purchased a residence this year. Misti, age 32, is a single parent andlives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and madefollowing payments:Home mortgage interest ($500,000 acquisition debt)Real estate taxesState income taxes paidIncome tax preparation feeCharitable contributions (cash to their church)Misti files as a head of household. What is Misti's taxable income this year?a. $139,765b. $140,600ndenadc. $142,015d. $147,050ognadoxa 40012Marginal$15,0001,5251,3402,250120ho

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Business

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Tisti purchased a residence this year. This voor Misti recei

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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Question

F.26.

12.
Misti purchased a residence this year. Misti, age 32, is a single parent and
lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made
following payments:
Home mortgage interest ($500,000 acquisition debt)
Real estate taxes
State income taxes paid
Income tax preparation fee
Charitable contributions (cash to their church)
Misti files as a head of household. What is Misti's taxable income this year?
a. $139,765
b. $140,600ndenad
c. $142,015
d. $147,050
ognadoxa 40012
Marginal
$15,000
1,525
1,340
2,250
120
ho

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