What is the couples adjusted gross income

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Reference no: EM133416806

QUESTION 1

Juan works as a landscaper for local businesses on weekends, and he often provides services in exchange for property. This year Juan provided lawn-mowing services in exchange for $1,275 of car repair services, $3,570 of groceries, and a certificate of deposit (CD) for $4,050. The CD matures next year with interest. Finally, Juan received a gift card that can only be applied for $850 of clothing at a local mall. Juan has only applied the gift card to purchase $100 of clothing. Compute Juan's gross income, assuming that he uses the cash basis of accounting.

QUESTION 2

Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially. In 2021, Ed and Jane realized the following items of income and expense:

Item	Amount
Ed's Salary	$ 35,000
Jane's Salary	70,000
Municipal bond interest income	400
Qualified business income	1,000
Alimony paid (pre-2019 divorce decree)	(7,000)
Real property tax (from AGI deduction)	(10,000)
Charitable contributions (from AGI)	(18,000)

They also qualified for a $3,600 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2021 standard deduction amount for MFJ taxpayers is $25,100. What is the couple's adjusted gross income?

Reference no: EM133416806

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