34. Daniel, age 38, is single and has the following income and expenses in 2013....
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34. Daniel, age 38, is single and has the following income and expenses in 2013.
Salary income $60,000
Net rent income $6,000
Dividend income $3,500
Payment of alimony $12,000
Mortgage interest on residence $4,900
Property tax on residence $1,200
Contribution to traditional IRA $5,000
Contribution to Untied Church $2,100
Loss on the sale of real estate (held for investment) $2,000
Medical expenses $3,250
State income tax $300
Federal income tax $7,000
a. Calculate Daniel
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