Your Cousin,Antonia,who Is 30 Years Old,single and a Restaurant Manager,heard

question 68

Essay

Your cousin,Antonia,who is 30 years old,single and a restaurant manager,heard that you have enrolled in the Masters of Taxation program at State University.She has asked you for help in preparing her 2013 tax return and provides you with the following information:
$\begin{array}{lr}\text { Salary } & \$ 50,000 \\\text { Alimony received } & 3,600 \\\text { Interest on GMAC Bonds } & 800 \\\text { Interest on City of New Orleans Bonds } & 1,300 \\\text { Interest on a bank savings account } & 600 \\\text { Berlinco, Inc. (a foreign corporation) (nonqualified dividend) } & 100 \\\text { Long-term capital gain } & 2,000 \\\text { Long-term capital loss } & (1,000) \\\text { Short-term capital gain } & 5,000 \\\text { Short-term capital loss } & (3,000) \\\text { Short-term capital loss carryover from 2011 } & (5,000) \\\text { Cash award from local United Way [1] } & 300 \\\text { Christmas turkey [2] } & 30 \\\text { Parking at office [2] } & 500 \\\text { Membership in pro fessional organizations [2] } & 100 \\\text { Group term life insurance (\$40,000 policy) [2] } & 135\\\\\text { Unreimbursed medical expenses: }\\\text { Medical insurance premiums } & \$ 1,900 \\\text { Prescription drugs } & 250 \\\text { Dentist } & 2,250 \\\text { Emergency room fee } & 885 \\\text { Cold pills, aspirin, other over-the-counter medicine } & 120 \\\text { Rental fee for crutches } & 80\\\\\text { Real estate taxes } & \$ 600 \\\text { State income tax withheld } & 1,150 \\\text { State income tax paid in } 2012 \text { for 2011 tax return } & 150 \\\text { Home mortgage interest } & 3,800 \\\text { Home equity interest [3] } & 500 \\\text { Charitable contributions - cash } & 350 \\\text { Charitable contributions - clothes [4] } & \\\text { Tax preparation fee for 2011 return, paid in 2012 } & 300 \\\text { Unreimbursed business expenses [5] } & 888\end{array}$
Note:
[1] Antonia kept the award from the United Way.
[2] Benefits paid by the employer.
[3] Antonia borrowed $12,000 and used the proceeds to purchase a new car.
[4] The original cost of the clothes were $480 and the current FMV is $200
[5] Of the $888 in expenses,$180 are for meals and entertainment.
Compute Antonia's: adjusted gross income,taxable income,and tax liability.

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