Neal, Single and Age 37, Has the Following Items for 2012

question 52

Essay

Neal, single and age 37, has the following items for 2012:
Determine Neal's taxable income for 2012.

---

Definitions:

Efficient

Describes a system or process that achieves maximum productivity with minimum wasted effort or expense.

Needed Resources

Essential materials, funds, or personnel required for the execution of a project or the operation of an entity.

Payments

Transactions or transfers of money from one party to another, typically in exchange for goods, services, or to fulfill a financial obligation.

Costs

The expenditure of resources, such as time, labor, and materials, required to achieve an objective or the production of goods and services.