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Vlad1618 [11]
3 years ago
8

Jasmine (29) is filing as a single taxpayer. In 2019, she received income from the following sources:

Business
1 answer:
lianna [129]3 years ago
3 0

Answer:

$38,720

Explanation:

From the given information:

Using Schedule 1 (Form 1040), Additional Income & Adjustment to Income.

The taxable income can be determined as follows:

Particulars                                         Form                         Amount($)

Wages                                      (Form 1040, Line 1)           36,000

Add: Unemployed Income    Schedule 1, Line 7                4,320

<u>Add: Gambling winning         Schedule 1, Line 8                   500</u>

Total Income                                                                    $40,820

<u>Less: Student loan Interest   Schedule 1, Line 20              2,100</u>

Taxable income                                                               $38,720

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