Comprehensive example-calculate gross income

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Reference no: EM131972858

Comprehensive Example. Calculate Gross Income using the following information: Salary $ 85,000.00 Savings Accounting Interest Income $ 200.00 Checking Accounting Interest Income $ 125.00 State of New York Interest Income $ 8,000.00 Ordinary Dividends $ 7,000.00 Qualified Dividends $ 3,000.00 Alimony Income $ 10,000.00 Social Security Benefits $ 12,000.00 Annuity Payment annuity terms: Investment of $110,000 with total payout of $225,000, term of 10 years Gambling Income $ 2,200.00 Health Insurance Premium $ 3,000.00 Scholarship $ 2,000.00 Qualified Education Expenses $ 2,700.00 Inheritance $ 14,000.00 Sold 100 shares of stock Basis of $10 per share Sold for $22 per share purchased the stock less than 1 year ago Sold 200 shares of stock Basis of $12 per share Sold for $8 per share purchased the stock more than 1 year ago Condo Rental Property Rental Income $ 12,000.00 Rental Expenses $ 11,500.00 Parternship Income - 25% Partner Business Income $ 32,000.00 Interest Income $ 450.00 Cash Distribution $ 1,400.00 Independent Contractor Business Income $ 1,750.00 Expenses $ 1,000.00 Modified AGI $ 105,800.00

Reference no: EM131972858

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