Last year, Nichelle earned $65,000 in salary, $6,000 in additional consulting (contractor)
income, $500 in interest income, $1,000 in dividend income, and $2,000 in rental income.
She also has deductions she wants to include on her federal tax return, as follows:
$6,500 to various charities, home mortgage interest of $5,000, property taxes of $3,500,
and state and local taxes of $5,000. Assuming the current tax code allows her to itemize
deductions, what is her Taxable Income?
Select an answer from the options below.
A
$54,500
B
$74,500
C
$49,500
D
$44,500