Jennifer, an Unmarried Individual, Lives in a Home with Her

question 21

Multiple Choice

Jennifer, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Jennifer had the following tax information.
Qualified Business income from sole proprietorship $ 95,000
Dividend income 2,800
Deduction for self-employment tax 6,712
Itemized deductions 19,200
Compute Jennifer's adjusted gross income (AGI) and taxable income.

• A) AGI $97,800; taxable income $69,188.
• B) AGI $95,000; taxable income $75,900.
• C) AGI $91,088; taxable income $34,888.
• D) AGI $91,088; taxable income $52,888.