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Calculation of Taxable Income of a Single Tax Payer With No Dependants

Question

Tommy, a single taxpayer with no dependents, has the following items that may affect his taxable income. What is his adjusted gross income?

Employee salary received                                                           $70,000
Child support paid to ex-wife                                                         12,000
Total allowable itemized deduction                                                   3,000
Cash gifts received from parents                                                     7,000
Gain on sale of stock                                                                      5,000
Loss on the sale of personal residence                                          (10,000)
Loss on the sale of stock                                                               (6,000)
Amount collected from a life insurance policy                                  40,000
Health insurance premium paid by his employer                                3,000
Winnings from gambling trip to Las Vegas                                            800
Cost of employer paid parking space                                                 1,200                                    
Government pension benefit received                                               15,000
Amount his dog earned from being in a television commercial              2,000

Summary

The question belongs to Finance and it is about calculating the taxable gross income of a single tax payer with no dependants. The expenses of the person have been given from which the total taxable income needs to be calculated.

Total Word Count 154


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