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Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and expenses as you can see in the attached document.Compute Kelly's taxable income and her net tax due or refund expected for 2011
Income:Salary $60,000Cashdividends 3,000Interest income onCity ofNewYorkbonds 5,000Interest income on U.S. Treasury bills 4,000Net rental income 3,500Alimony received from ex-husband 2,500Child support received from ex-husband 3,500Sales of capital assets:Stock held for 3 months (basis is $12,000) sold for 18,000Investment land held 5 years (basis is $30,000) sold for 14,000Life insuranceproceedsreceivedonthedeathofher...100000Expenses:Home mortgage interest 6,000Property taxes on home 2,000Charitable contributions 7,000Qualifying child care expense 3,700Federal income tax witheld $7000
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