In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss.

Table for the standard deduction Filing Status 2016 Standard Deduction

Single $ 6,300
Married, filing jointly 12,600
Married, filing separately 6,300
Head of household 9,300
Qualifying widow(er) 12,600
Calculate the following amounts for Lou:

a. Adjusted gross income $
b. Standard deduction $
c. Exemption $
d. Taxable income

Explanation:

The computations are shown below:

a. Adjusted gross income

= Salary + interest income + dividend income - deduction for capital loss

= $53,300 + $1,600 + $400 - $3,000

= $52,300

The capital loss deduction is up to $3,000 only

b. The standard deduction in the case of single is $6,300

c. The personal exemption in the year 2016 is $4,050

d. The taxable income is

= $52,300 - $6,300 - $4,050

= $41,950

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