Please help me to solve this HelpRequired information(The following information applies to the questions displayed below.)Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900(which consists only of salary) for purposes of this problem.December 31, 2021To the friendly student tax preparer:Hi, it's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more informationfrom me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know.Let me tell you a few more things about my life. As you may recall, I am divorced from my wife, Alice. I know that it'sunusual, but I have custody of my son, Shady Jr. The judge owed me a few favors and I really love the kid. He lives withme full time and my ex-wife gets him every other weekend. I pay the vast majority of my son's expenses. I think Aliceshould have to pay some child support, bid she doesn't have to pay a dime. The judge didn't owe me that much, I guess.Remember when I told you about that guy that hit me with his car? I had a bunch of medical expenses that were notreimbursed by the lawsuit or by my insurance. I incurred a total of $20,000 in medical expenses, and I was onlyreimbursed for $11,000. Good thing I can write off medical expenses, right?I contributed a lot of money to charity this year (and have receipt documentation for all contributions). I'm such a nice guy! Igave $1,000 in cash to the March of Dimes. I contributed some of my old furniture to the church. It was some good stuffcontributed a red velvet couch and my old recliner. The furniture is considered vintage and is worth $5,000 today (theappraiser surprised mel), even though I only paid $1,000 for it back in the day. When I contributed the furniture, the pastorsaid he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, somepeople just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $90. Turnsout, I don't even miss it because Roca Cola takes it right offipay stub verifies that I contributed the $90 to the United Way. Oh, one other bit of charity from me this year. An old buddyof mine was down on his luck. He lost his job and his house. I gave him $500 to help him out.paycheck every month..$15 a month starting in July. MyI paid a lot of money in interest this year. I paid a total of $950 in personal credit card interest. I also paid $18,000 ininterest on my $500,000 home mortgage that helped me buy my dream home. I also paid $2,000 in real estate taxes formy new house. said he didn't like the fabric and was going to sell the furniture to pay for some more pews in the church. Oh well, somepeople just have no taste, right? Roca Cola had a charity drive for the United Way this year and I contributed $90. Turnsout, I don't even miss it because Roca Cola takes it right off my paycheck every month... $15 a month starting in July. Mypay stub verifles that I contributed the $90 to the United Way. Oh, one other bit of charity from me this year. An old buddyof mine was down on his luck. He lost his job and his house. I gave him $500 to help him out.I paid a lot of money in interest this year. I paid a total of $950 in personal credit card interest. I aiso paid $18,000 ininterest on my $500,000 home mortgage that helped me buy my dream home. I also paid $2,000 in real estate taxes formy new house.A few other things I want to teil you about this year. Someone broke into my house and stole my kid's brand new bicycleand my set of golf clubs. The total loss from theft was $900. I paid $125 in union dues this year. I had to pay $1.200 fornew suits for my job. Roca Cola requires its managers to wear suits every day on the job. I spent a total of $1,300 to payfor gas to commute to my job this year.Oh, this is pretty cool. I've always wanted to be a firefighter. I spent $1,400 in tuition to go to the local firefighter's school. Idid this because someone told me that I can deduct the tuition as an itemized deduction, so the money would be comingback to me.That should be all the information you neeli right now. Please calculate my taxable income and complete page 1of Form1040 (through taxable income, line 15) and Schedule A. You're still doing this for free, right?a. Calculate the taxable income.AGIItemized Deductions:Taxable income

Question

Accepted Answer

Solution
Taxable income is the amount of income used to calculates taxes owed by an individual or a…