Question

Mayra, age 67, is single with one familial dependent and has the following for the calendar...

Mayra, age 67, is single with one familial dependent and has the following for the calendar year 2019:

RECEIPTS FOR YEAR

Salary as Business Consultant (part-time)                                                                       $ 39,200

Interest from Friendly Bank                                                                                                  5,436

Interest from City of Chula Vista bonds                                                  2,000

Social Security benefits     25,000

EXPENDITURES FOR YEAR

Contribution to IRA    4,920

Itemized deductions    19,600

Mayra claims one $500 dependency credit.

How much are Mayra’s adjusted gross income, taxable income and gross tax? Show your work!

AGI = $______________       Taxable Income = $______________                  Gross tax $______________

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