Daniel, age 38, is single and has the following income and expenses in 2021: ...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Daniel, age 38, is single and has the following income and expenses in 2021:
| Salary income | $60,000 |
| Net rent income | 6,000 |
| Dividend income | 3,500 |
| Payment of alimony (divorce finalized in March 2019) | 12,000 |
| Mortgage interest on residence | 9,900 |
| Property tax on residence | 1,200 |
| Contribution to traditional IRA | 6,000 |
| Contribution to United Church | 2,100 |
| Loss on the sale of real estate (held for investment) | 2,000 |
| Medical expenses | 3,250 |
| State income tax | 2,00 |
| Federal income tax | 5,800 |
-
Calculate Daniels AGI.
-
Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.