Question

Gary earned $97,000 as an executive. Gary, who is single, supported his half sister, who

lives in a nursing home. His half sister had no income during the year. Gary received
the following interest: $400 on City of Los Angeles bonds, $200 on a money market ac-
count, and $2,100 on a loan made to his brother.
Gary spent one week serving on a jury and received $50.
Gary received a refund of federal income taxes withheld during the prior year of
$1,200 and a state income tax refund of $140. Gary had itemized deductions last year of
$18,000 which included $1,000 of state income taxes.
Can you please help with this question by putting the information into an Excel spreadsheet to get Taxable Income and Adjusted Gross Income? Thanks

Answer 1

Explanation:

Sure, here is an example of how the information provided could be organized in an Excel spreadsheet to calculate Taxable Income and Adjusted Gross Income: see in the attached e1 and e2 screenshots.

It's worth noting that the above example is a simplified version, and the actual calculations for tax purposes would depend on the specific tax laws and regulations in the relevant jurisdiction and year. Also, the numbers provided here are not the final Taxable Income, it's only the calculation of Taxable Income based on the information provided.