Compute the taxable income for 2016 for emily based on the, Ask an Expert

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Compute the taxable income for 2016 for Emily based on the following information. Her filing status is single.

To receive partial credit - be sure to show how you calculated Emily's AGI, Standard Deduction, Personal/Dependcy Exemptions, and Taxable Income

Salary $85,000

Interest Income on bonds $1,000

Alimony payments received $5,000

Contribution to traditional IRA $4,000

Gift from parents $28,000

Short-term Capital gain from stock investment $3,000

Amount lost in football office pool $100

Number of potential dependents include two cousins who live in Canada that she fully supports

Emily's age is 40.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91978530

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