Misti purchased a residence this year. Misti is a single parent and lives with h
ID: 2425862 • Letter: M
Question
Misti purchased a residence this year. Misti is a single parent and lives with her 1—year old daughter. This year, Misti received a salary of $63,000 and made the following payments:
Home mortgage interest
$2,335
Real estate taxes
1,525
State income taxes paid
1,340
Income tax preparation fee
250
Charitable contributions (cash to their church)
120
Misti files as a head of household and claims two exemptions. Calculate her taxable income this year.
Home mortgage interest
$2,335
Real estate taxes
1,525
State income taxes paid
1,340
Income tax preparation fee
250
Charitable contributions (cash to their church)
120
Explanation / Answer
information amount in $ salary 116000 wages 45000 interst on corporate bond 500 interst from municipal bond 250 game winnings 1200 Lisa and collins gross income 1,62,950