Required information[The following information applies to the questions displayed below.]Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted todetermine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how tocompute the rest of her taxable income. She provided the following information with hopes that you could use it todetermine her taxable income.a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, droveShauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle.b. Shauna paid a total of $3,400 in health insurance premiums during the year (not through an exchange). SD did notreimburse any of this expense. Besides the health insurance premiums and the medical expenses for her brokenankle, Shauna had Lasik eye surgery last year and paid $3,000 for the surgery (she received no insurancereimbursement). She also incurred $450 of other medical expenses for the year.c. SD withheld $1,800 of state income tax, $7,495 of Socialcurity tax, and $14,500 of federal income tax fromShauna's paychecks throughout the year.d. In 2021, Shauna was due a refund of $250 for overpaying her 2020 state taxes. On her 2020 state tax return thatshe filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her statetax liability for 2021 will be $2,300.e. Shauna paid $3,200 of property taxes on her personal residence. She also paid $500 to the developer of hersubdivision because he had to replace the sidewalk in certain areas of the subdivision.f. Shauna paid a $200 property tax based on the state's estimate of the value of her car.g. Shauna has a home mortgage loan in the amount of $220,000 that she secured when she purchased her home. Thehome is worth about $400,000. Shauna paid interest of $12,300 on the loan this year.h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to theRed Cross. On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis inthe shares was $400. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $300cash to State University and religious artifacts she has held for several years to her church. The artifacts were valuedat $500 and Shauna's basis in the items was $300. Shauna had every reason to believe the church would keepthem on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally,Shauna contributed $1,200 of services to her church last year.i. Shauna paid $250 in investment advisory fees and another $150 to have her tax return prepared (that is, she paid$150 in 2021 to have her 2020 tax return prepared).j. Shauna is involved in horse racing as a hobby. During the year, she won $2,500 in prize money and incurred$10,000 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges thatthis is a hobby for federal income tax purposes.k. Shauna sustained $2,000 in gambling losses over the year (mostly horse-racing bets) and had only $200 inwinnings.a-1. Assume Shauna's AGI is $107,000. Determine Shauna's taxable income. (Round your intermediate calculations to the nearestwhole dollar amount.)

Question

Accepted Answer

Shauna"s taxable income, if her AGI IS $107,000

Description
Amount
Explanation

AGI (A)…

a-1. Assume Shauna's AGI is $107,000. Determine Shauna's taxable income. (Round your intermediate calculations to the nearest whole dollar amount.)