Ellen,age 39 and Single,furnishes More Than 50% of the Support

question 3

Essay

Ellen,age 39 and single,furnishes more than 50% of the support of her parents,who do not live with her.Ellen practices as a self-employed interior decorator and has gross income in 2011 of $120,000.Her deductions are as follows: $30,000 business and $8,100 itemized.

---

Definitions:

Potential Returns

The expected financial gains or profits that may be realized from an investment or business venture.

Startup Businesses

Newly established enterprises in the early stages of operation, typically focused on unique product or service offerings.

Cosign

To sign jointly with another or others, especially to share responsibility for a loan or lease.

Debt

An amount of money borrowed by one party from another, often with the agreement that it will be paid back with interest.