Kadeisha is single with no dependents and has a salary of $1…

Kadeisha is single with no dependents and has a salary of $102,000 for 2023, along with tax-exempt interest income of $3,000 from a municipality. Her itemized deductions are comprised of home mortgage interest expense and property taxes totaling $11,600.Required: Compute her taxable income. Please show supporting computations.

In 2021 Bonnie, a sole proprietor, loaned her employee, John…

In 2021 Bonnie, a sole proprietor, loaned her employee, John, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Bonnie told John that she was “tearing up” the $10,000 note in recognition of his strong job performance. How should John treat the amount forgiven?