Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing status, and she has the following income for the year: Wages: $36,500. Bank interest: $375. Municipal bond interest: $215. Lottery prize: $500. Gift from her father: $5,000. Tamara contributed $1,500 to her traditional IRA, which she will deduct. What is her adjusted gross income?    $35,590  $35,875  $40,875  $41,090

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 44P
icon
Related questions
Question

Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing status, and she has the following income for the year:

  • Wages: $36,500.
  • Bank interest: $375.
  • Municipal bond interest: $215.
  • Lottery prize: $500.
  • Gift from her father: $5,000.

Tamara contributed $1,500 to her traditional IRA, which she will deduct. What is her adjusted gross income?

 
 $35,590
 $35,875
 $40,875
 $41,090
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L