Question

camille sikorski was divorced last year. she currently provides a home for her 15 year old daughter kaly. kaly lived in camille's home for the entire year, and camille paid for all the costs of maintaining the home. she received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). she also received $9,000 of alimony from her former husband. finally, camille paid $15,900 of expenditures that qualified as itemized.
(b) what would camille's taxable income be if she incurred $10,700 of itemized deductions instead of $15,900?

(1) gross income
(2) for AGI deduction
(3) adjusted gross income
(4) standard deduction
(5) itemized deductions
(6)
taxable income
can you please type it out thank you

Answer 1

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As per Tax rule: 2018 and 2019: Solution: Tax year is not given in question detail: Standard deduction for 2019 is $12,200 and for 2018 is $12,000: Particulars Gross Income (70000+9000) For AGI deduction Adjusted Gross Income Standard Deduction Itemized Deduction Greater of standard deductions or itemized deductions Taxable income (74200-12200) Year 2019 Year 2018 $ 79,000 $ 79,000 $ 4,800 $ 4,800 $ 74,200 $ 74,200 $ 12,200 $ 12,000 $ 10,700 $ 10,700 $ 12,200 $ 12,000 $ 62,000 $ 62,200