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Compute the taxable income for emily

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Problem 1: Compute the taxable income for 2013 for Emily on the basis of the following information. Her filing status is single.

Salary $85,000

Interest income from bonds issued by Xerox 1,100

Alimony payments received 6,000

Contributions to traditional IRA 5,500

Gift from parents 25,000

Short-term capital gain from stock investment 2,000

Amount lost in football office pool (sports gambling is against the law where Emily lives) 500

Number of potential dependents (two cousins, who live in Canada)?

Age 40

Reference no: EM132819092

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