What is peggy adjusted gross income for the year

Assignment Help Accounting Basics

Reference no: EM132119283

Question - Peggy (age 67 & single &blind) lives Fresno and provides 100% of the support for the following:

Her daughter Mia (age 45) who lives with her

Her mother Belinda, (age93 & blind) who lives in Mexico

Her father John, (age 95) a US resident who lives in Puerto Rica

During 2017, Peggy had the following financial activity:

Salary income from Adobe of $226,000

Interest income from Morgan Stanley 25,000

Interest income from US Treasury bonds 25,000

Interest income from California Muni Bonds 20,000

Interest income from New York Muni Bonds 15,000

Paid California income taxes (2,100)

Received gambling winnings 28,000

Incurred gambling lossses (37,000)

Paid unreimbursed medical expense due to blindness (9,800)

Her employer gives her $20 to buy dinner each night she works late. Peggy worked late 23 nights.

Peggy used the company printer to print CVS for her daughter 100

Peggy took night classes all year at UCB to obtain her MAC 15,000

Required -

1. What is Peggy's adjusted gross income for the year?

2. What is Peggy's taxable income for the year?

3. What is Peggy's net tax liability for the year? (ignore AMT).

4. Please explaining who and why Peggy can claim as dependents.

Reference no: EM132119283

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