Reference no: EM131222597
Compute the taxable income for 2016 for Emily based on the following information. Her filing status is single.
To receive partial credit - be sure to show how you calculated Emily's AGI, Standard Deduction, Personal/Dependcy Exemptions, and Taxable Income
Salary $85,000
Interest Income on bonds $1,000
Alimony payments received $5,000
Contribution to traditional IRA $4,000
Gift from parents $28,000
Short-term Capital gain from stock investment $3,000
Amount lost in football office pool $100
Number of potential dependents include two cousins who live in Canada that she fully supports
Emily's age is 40.
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