Summary Problem: Tommy,a Single Taxpayer with No Dependents,has the Following

question 91

Essay

Summary Problem: Tommy,a single taxpayer with no dependents,has the following items that may affect his taxable income.What is his adjusted gross income?
$$\begin{array} { l r } \text { Empl oyee sal ary received } & \$ 70,000 \\\text { Child support paid to ex-wife } & 12,000 \\\text { Total allowable itemized deductions } & 3,000 \\\text { Cash gift received from parents } & 7,000 \\\text { Gain on the sale of stock } & 5,000 \\\text { Loss on the sale of personal residence } & ( 10,000 ) \\\text { Loss on the sale of stock } & ( 6,000 ) \\\text { Amount collected from a life insurance policy } & 40,000 \\\text { Health insurance premiums paid by his employer } & 3,000 \\\text { Winnings from gambling trip to Las Vegas } & 800 \\\text { Cost of employer paid parking space } & 1,200 \\\text { Government pension benefits received } & 15,000 \\\text { Amount his dog earned from being in a televi sion commercial } & 2,000\end{array}$$

---

Definitions:

Trends

Refers to the general direction in which something is developing or changing over time.

Internal Labor Force

An organization's workers (its employees and the people who have contracts to work at the organization).

External Labor Market

The job market outside of a specific company, inclusive of potential employees who currently work for other employers or are unemployed.