Salary $187,750.00 Interest income $230.00 Municiple Bond interest $450.00 Treasure bond Interest $675.00 Dividends $1,885.00 Short-Term...

Salary		$187,750.00

Interest income		$230.00

Municiple Bond interest		$450.00

Treasure bond Interest		$675.00

Dividends		$1,885.00

Short-Term Capital Gain (SBUX STOCK)		$0.00

Short-Term Capital Gain (AMZN STOCK)		-$4,350.00

Short-Term Capital Gain (UA Stock)		$26.45

Long-term Capital Gain (AAPL STOCK)		$3,000.00

Daycare cost for child #1		$10,000.00

Dentist fees (unreimbursed by insurance)		$10,500.00

Prescription cost(reimbursed by insurance)		$1,380.00

Mortgage Interest		$13,478.00

Property Taxes Paid		$4,144.00

Vehicle registration fee		$1,250.00

Fee faid to CPA		$2,000.00

Gym Membership		$600.00

401K contributions		$23,980.00

Employer match		$17,985.00

Healthcare savings account contribution		$2,600.00

Red Cross Donation		$1,000.00

Food bank Donation		$2,500.00

Church donation		$3,750.00

donation to goodwil		$450.00

Please Calculate Gross Income and Adjusted gross income

Expert Solution

Gross income

Income from salary $ 187,750.00

Interest 230.00

Treasure bond interest 675.00

Dividend 1,885.00

Long term capital gain 3,000.00

Short term capital gain (UA Stock) 26.45

----------------------

Gross income $193,566.45

Adjusted gross income

Salary		187,750.00
Interest income		230.00
Muncipal bond interest		450.00
Treasure bond interest		675.00
Dividend		1885.00
Capital gain		-1323.55
Long term capital gain AAPL Stock	3,000.00
Short term capital gain :
SBUX Stock	0
AMZN stock	-4350
UA Stock	26.45
Total income			189,666.45
Less Expenses :
Day care cost for child		10000.00
Dentist fees		10500.00
Prescription cost		1380.00
Property tax paid		4144.00
Vehicle registration fee		1250.00
Fee paid to CPA		2,000.00
Gym membership		600.00
401 K membership		23,980.00
health care savings account contribution		2,600.00
Red cross donation		1,000.00
Food bank donation		2,500.00
Church donation		3,750.00
Total expense			63,704
Adjusted gross income			1,25,962.45

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