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Determine adrianne agi

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Problem 1: Adrianne, a single mom, operates a beauty salon as a sole proprietorship. Adrianne also owns and rents an apartment building. This year Adrianne had the following income and expenses. Adrianne's son Apollo is 20 and attends Penn. State University. Determine Adrianne's AGI. You may assume that Adrianne's total self-employment tax liability on her salon income will be $2,502.

Interest income (not from her business) $ 11,255

Salon sales and revenue 126,360

Salaries paid to beauticians 45,250

Beauty salon supplies 23,400

Alimony paid to her ex-husband, Rocky (divorce decree prior to 2019) 6,000

Rental revenue from apartment building 31,220

Real estate taxes paid on apartment building 11,100

Real estate taxes paid on personal residence 6,241

Tuition for Apollo 3,400

Short term capital loss carry forward 7,500

Personal contributions of cash to charity 4,237

Health insurance premiums for Adrianne (not through an exchange) 5,000

Reference no: EM132842197

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