ACCOUNTING-Jack, a single individual with a salary of $100,000, had additional income as follows

QUESTION

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.0/msohtmlclip1/01/clip_image028.jpg”>Jack, a single individual with a salary of $100,000, had additional income as follows: he was in a car accident and received compensatory damages for his broken nose in the amount of 25,000Jack also incurred and paid the following expenses during 2014:Casualty loss after $100 floor $1,000Mortgage interest on personal residence 4,500Medical expenses 5,000Parking tickets 200Alimony 24,000charitable contributions 2,000property taxes on personal residence 4,200Federal income tax withheld 8,000Moving expenses 2,500contribution to a traditional IRA 4,000Sales taxes 1,300Provide a calculation of Jack’s 2014 taxable income
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ANSWER:

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