Nick Bontempo is single, claiming two exemptions. He is an iron worker earning $35,000 in wages per year. Last year he also earned $1,200 in cash dividends from his investments portfolio. Nick contributed $1,500 to his individual retirement account and gained $5,000 from the sale of 100 shares of Consolidated Widget stock. The stock sale was classified as a short-term sale, so it counts as ordinary income. His itemized deductions amounted to medical expenses of $1,250 in excess of IRS exclusions. $2,945 in real estate taxes. $2,500 in mortgage interest, and $300 in charitable contributions. From this information, calculate Nick's taxable income.
Calculus: Early Transcendental Functions
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
Precalculus: Mathematics for Calculus (Standalone Book)
Single Variable Calculus
Calculus (MindTap Course List)
Mathematical Excursions (MindTap Course List)
Essentials of Statistics for The Behavioral Sciences (MindTap Course List)
Mathematical Applications for the Management, Life, and Social Sciences
Finite Mathematics
Finite Mathematics and Applied Calculus (MindTap Course List)
Calculus: Early Transcendentals
Elementary Geometry For College Students, 7e
Intermediate Algebra
Multivariable Calculus
Statistics for The Behavioral Sciences (MindTap Course List)
Elementary Technical Mathematics
Essentials Of Statistics
Understanding Basic Statistics
Calculus: An Applied Approach (MindTap Course List)
Probability and Statistics for Engineering and the Sciences
Single Variable Calculus: Early Transcendentals, Volume I
Single Variable Calculus: Early Transcendentals
Calculus of a Single Variable
Calculus: Early Transcendental Functions (MindTap Course List)
Trigonometry (MindTap Course List)
Elements Of Modern Algebra
Finite Mathematics for the Managerial, Life, and Social Sciences
Study Guide for Stewart's Multivariable Calculus, 8th
Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th
Elementary Geometry for College Students
Statistics for Business & Economics, Revised (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Research Methods for the Behavioral Sciences (MindTap Course List)
Introduction To Statistics And Data Analysis
Mathematics For Machine Technology
Calculus (MindTap Course List)
Multivariable Calculus
College Algebra (MindTap Course List)
Calculus
Research Methods for the Behavioral Sciences (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
A First Course in Differential Equations with Modeling Applications (MindTap Course List)
Essentials Of Statistics For Business & Economics
Mathematics: A Practical Odyssey
Discrete Mathematics With Applications
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Introductory Statistics