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Question: Mickey Mouse had the following transactions during 2016. He files as head of household and has 3 dependents:

Wages received $65,000

City and State income taxes paid $4,100

Interest income on bonds: Issued by City of Albuquerque $950

Issued by US Treasury $1,200

Issued by Intel Corporation $3,800

Totaling; $5,950; Alimony paid $3,200;

Property taxes paid on personal residence $ 3,550;

Lottery prize winning s received $4,700;

Donation made to the Salvation Army $1,380;

Child Support paid $7,500;

Unreimbursed/Deductible moving expenses $750;

Gift received from his favorite aunt $12,000;

Capital Loss from Stock investment ($3,650);

Home mortgage interest paid $8,250;

Medical expenses paid $3,160.

Calculate Mickey's AGI.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92642396

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