Question

Jessica, who is single with one familial dependent, has the following for the calendar year 2019:...

Jessica, who is single with one familial dependent, has the following for the calendar year 2019:

RECEIPTS FOR YEAR

Salary as Business Consultant (part-time)                                                                       $ 24,200

Interest from Friendly Bank                                                                                               4,236

Interest from City of Chula Vista bonds                                                  2,000

Social Security benefits     15,000

EXPENDITURES FOR YEAR

Contribution to IRA 920

Itemized deductions    17,400

Jessica claims one $500 dependency credit.

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

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

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