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?
Employee salary received Child support paid to ex-wife Total allowable itemized deductions Cash gift received from parents Gain on the sale of stock Loss on the sale of personal residence Loss on the sale of stock Amount collected from a life insurance policy Health insurance premiums paid by his employer Winnings from gambling trip to Las Vegas Cost of employer paid parking space Government pension benefits received Amount his dog earned from being in a television commercial $70,00012,0003,0007,0005,000(10,000)(6,000)40,0003,0008001,20015,0002,000
Definitions:
Public Opinion
The collective attitude or beliefs of the general public on a particular issue or set of issues.
Republicans
A political party in the United States that traditionally supports conservative policies, economic liberalism, and federalism.
Ross Perot
An American business magnate and politician best known for his third-party presidential runs in 1992 and 1996, focusing on fiscal responsibility and political reform.
Bipartisan System
A political system in which two major parties dominate the government and political landscape at any given time.