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  3. 1) compute the taxable income and tax liability fo

1) Compute the taxable income and tax liability for Madison for 2017 based on the...

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Accounting

1)

Compute the taxable income and tax liability for Madison for 2017 based on

the following information. She is married, but has not seen or heard from her

husband in 5 years. She owns her home and paid $3,000 in property taxes and $5,000 in home mortgage interest in 2017.

Salary $65,000 Interest Income from City of Olathe Bonds $2,100 Interest on CD from Bank of America $2,600

Dividend from GE stock (she has owned stock for three years) $3,200 Life Insurance paid on death of Grandfather (Madison was the beneficiary of the policy) $50,000 Niece repaid a loan to her from 2010 $15,000 Itemized deductions (mortgage interest and property taxes) $8,000 Dependents (children ages 11 and 9) Age 35

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