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Question - Jessica, who is single with one familial dependent, has the following for the calendar year 2019:
RECEIPTS FOR YEAR
Salary as Business Consultant (part-time) $28,200
Interest from Friendly Bank 2,436
Interest from City of Chula Vista bonds 2,000
Social Security benefits 18,000
EXPENDITURES FOR YEAR
Contribution to IRA 920
Itemized deductions 17,400
Jessica claims one $500 dependency credit.
How much are Jessica's adjusted gross income, taxable income and gross tax? Show your work!
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