Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020. During the year, he received $1,300 interest income from a savings account and a $1,500 gift from his grandmother. At the advice of his father, Richard sold stock he had held as an investment for five years, for a $3,000 gain. He also sustained a loss of $1,000 from the sale of land heald as an investment and owned for four months. Richard had itemized deductions of $15,000. For 2020 compute the following for Richard: a. Gross income b. Adjusted gross income c. Taxable income d. Income tax before credits and prepayments **You do not have to complete e. related to income tax savings.
Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020. During the year, he received $1,300 interest income from a savings account and a $1,500 gift from his grandmother. At the advice of his father, Richard sold stock he had held as an investment for five years, for a $3,000 gain. He also sustained a loss of $1,000 from the sale of land heald as an investment and owned for four months. Richard had itemized deductions of $15,000. For 2020 compute the following for Richard:
a. Gross income
b. Adjusted gross income
c. Taxable income
d. Income tax before credits and prepayments
**You do not have to complete e. related to income tax savings.
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