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Lyn, a single, self-employed investment counselor who also owns a rental property. This year, she...

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Question

Accounting

Lyn, a single, self-employed investment counselor who also owns a rental property. This year, she collected $85,000 in fees and paid the following business and personal expenses

Expenses below:

Health insurance premiums (not through an exchange)

$

4,200

Life insurance premiums (whole life)

$

1,900

Books on investing

$

200

Repairs of the rental property

$

450

Advertising for investment clients

$

1,770

State income taxes

$

4,300

Self-employment tax (hint: half is employer share)

$

11,732
Marketing Lunch and Dinners with potential clients $ 500

Home mortgage interest (acquisition debt of $300,000)

$16,640

Real estate taxes

$5,400

State income taxes paid

6,300

Medical expenses (unreimbursed)

1,800

Employee business expenses (unreimbursed)

450

Charitable contributions (cash to their church)

760

Calculate Lin Lees adjusted gross income and taxable income?

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