Reference no: EM132809864
Problem 1: Wendy is a single taxpayer, whose salary was $62,000 in 2019. In that year, she also suffered $6,000 short-term capital loss. Her itemized deductions for the year totaled $5,000. What are Wendy's 2019 (a) adjusted gross income; (b) taxable income; and (c) tax liability?
During 2019, Linda suffered serious injuries in an automobile accident. She incurred the following costs as a result:
Doctor bills $15,700
Hospital bills 10,300
Physical therapy to recover full mobility 5,000
Transportation to/from hospital and doctor's office 200
Problem 2: Linda is single with no dependents. Her 2019 salary was $68,000. She paid $1,000 in medical and dental insurance premiums, which were withheld from her salary on an after-tax basis, $4,250 in mortgage interest on acquisition indebtedness on her personal residence, and $1,500 in interest on her car loan. She was reimbursed for $15,000 in medical expenses by her health insurer. Calculate her 2019 taxable income.
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Solve taxable income for linda
: Calculate her 2019 taxable income. Her 2019 salary was $68,000. She paid $1,000 in medical and dental insurance premiums, which were withheld
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