Problem
Krista, age 39 and single, furnishes more than 50% of the support of her parents, who do not live with her; their only source of income are social security benefits. Krista practices as a self-employed interior decorator and has a gross income of $120,000 from her business in 2021. In addition, she has $20,000 in wages from a part-time job. Krista has $30,000 deductions related to her interior decorating business and $8,100 of itemized deductions.
• What is Krista's taxable income for 2021?