Kevin Is a Single Person Who Earns $70,000 in Salary

question 14

Essay

Kevin is a single person who earns $70,000 in salary for 2016 and has other income from a variety of investments, as follows:
$\begin{array}{lr}\text { Bank savings account interest}&\$5,500\\\text {Interest from State of Missouri Bonds }&3,500\\\text {Dividends from XYZ Corp. }&7,000\\\end{array}$
Kevin received tax refunds when he filed his 2015 tax returns in April 2016. His federal refund was $600 and his state refund was $300. Kevin deducted his stated taxes paid in 2015 as an itemized deduction on his 2015 return. Due to changes in circumstances, Kevin is not itemizing deductions on his 2016 return.
Compute Kevin's taxable income for 2016.

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Definitions:

True Feelings

Genuine emotions or sentiments that a person experiences and may or may not express openly.

External Situations

Circumstances or events that occur outside of an individual's control, which can impact their behavior and emotions.

Self-Schema

Cognitive representations of oneself that organize and guide the processing of self-relevant information.

Cognitive Representation

The mental process of constructing an internal model of the external world, objects, or events based on perception and information processing.