Homework Answers
Answers
25. (b) False
26. (c) $6000
27. (b) Tution, books and supplies
28. (b) $150, 000
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25. Michelle works for a company that contributed $3,000 to her health savings account (HSA). The...
14. Ron, age 19, is a full-time graduate student at City University. During 2019, he received...
14. Ron, age 19, is a full-time graduate student at City University. During 2019, he received the following payments: Cash award for being the outstanding resident adviser $ 1,500 Resident adviser housing 2,500 State scholarship for ten months (tuition and books) 6,000 State scholarship (meals allowance) 2,400 Loan from college financial aid office 3,000 Cash support from parents 2,000 Total $17,400 Ron served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for...
27. Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on...
27. Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on the life of her deceased husband in 10 installments of $17.500 each. Her husband had paid premiums of S60,000 on the policy. In the first year, Carin collected $17,500 from the insurance company. She must include in gross income: a. SO. b. $2,500 c. $10,000 d. 525,000 c. None of these. 28. Thelma and Mitch were divorced in 2018. The couple had a joint...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
Please help ASAP! Determine if the following are included or excluded from gross income. Min receives...
Please help ASAP!
Determine if the following are included or excluded from gross income. Min receives a $20,000 tuition scholarship to attend State University. A. Excluded B. Included Sam receives an automobile worth $65,000 for being the MVP of the Super Bowl. Caitlyn receives $3,000 of unemployment. Nora is covered under a $30,000 group life insurance policy from her employer. The employer paid $120 of premiums on the policy. Mary's father gives her $10,000 so that she can purchase a...
Joanna received $54,000 compensation from her employer, the value of her stock in ABC company appreciated...
Joanna received $54,000 compensation from her employer, the value of her stock in ABC company appreciated by $3.400 during the year (but she did not sell any of the stock), and she received $43,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items? Multiple Choice O $100,400 $57,400. $97,000. $54,000.
Joanna received $50,100 compensation from her employer, the value of her stock in ABC company appreciated...
Joanna received $50,100 compensation from her employer, the value of her stock in ABC company appreciated by $13,300 during the year (but she did not sell any of the stock), and she received $32,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items? Multiple Choice $82,100. $95,400. $63,400. $50,100.
What is the taxpayer’s gross income in each of the following situations? Darrin received a salary...
What is the taxpayer’s gross income in each of the following situations? Darrin received a salary of $50,000 in 2018 from his employer, Green Construction. In July 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. Blake received $15,000 from his deceased wife’s employer “to help him in his time of greatest need.” Clint collected...
1. Susan is the beneficiary of a $50,000 insurance policy on the life of her mother,...
1. Susan is the beneficiary of a $50,000 insurance policy on the life of her mother, Kayla. To date, Kayla has paid premiums of $16,000 on the policy. Kayla elects to cancel the policy and receive $21,000, the cash surrender value of the policy. How much gross income must Kayla report as taxable income? A. Kayla reports $5,000 of income. B. Kayla reports zero amount of taxable income. C. Kayla reports $21,000 of income. D. Kayla reports $50,000 of income....
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary $ 85,000 Moving expenses incurred to change jobs (12,000) Inheritance received from deceased uncle 300,000 Life insurance proceeds from policy on uncle’s life (Todd was named the beneficiary) 200,000 Cash prize from church raffle 3,000 Payment of church pledge (4,500) >> What is Todd’s AGI for 2018? 2. In 2018, Alice earns a salary of $55,000, has capital gains of $3,000, and receives interest...
2-32 Chapter 2 . Gross Income and Exclusions are taxable to the the e following might...
2-32 Chapter 2 . Gross Income and Exclusions are taxable to the the e following might result in life insurance proceeds that a LO 2.6 14. Which of the following might result i recipient? a. A life insurance policy in which the insured is the ite nsurance poliey in which the insured is the son of the taxpayer and d. A life insurance policy purchased by a taxpayer insuring his or her spouse e. A liensurance policy purchased by a...
27. Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on the life of her deceased husband in 10 installments of $17.500 each. Her husband had paid premiums of S60,000 on the policy. In the first year, Carin collected $17,500 from the insurance company. She must include in gross income: a. SO. b. $2,500 c. $10,000 d. 525,000 c. None of these. 28. Thelma and Mitch were divorced in 2018. The couple had a joint...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
Please help ASAP!
Determine if the following are included or excluded from gross income. Min receives a $20,000 tuition scholarship to attend State University. A. Excluded B. Included Sam receives an automobile worth $65,000 for being the MVP of the Super Bowl. Caitlyn receives $3,000 of unemployment. Nora is covered under a $30,000 group life insurance policy from her employer. The employer paid $120 of premiums on the policy. Mary's father gives her $10,000 so that she can purchase a...
Joanna received $54,000 compensation from her employer, the value of her stock in ABC company appreciated by $3.400 during the year (but she did not sell any of the stock), and she received $43,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items? Multiple Choice O $100,400 $57,400. $97,000. $54,000.
1. Susan is the beneficiary of a $50,000 insurance policy on the life of her mother, Kayla. To date, Kayla has paid premiums of $16,000 on the policy. Kayla elects to cancel the policy and receive $21,000, the cash surrender value of the policy. How much gross income must Kayla report as taxable income? A. Kayla reports $5,000 of income. B. Kayla reports zero amount of taxable income. C. Kayla reports $21,000 of income. D. Kayla reports $50,000 of income....
2-32 Chapter 2 . Gross Income and Exclusions are taxable to the the e following might result in life insurance proceeds that a LO 2.6 14. Which of the following might result i recipient? a. A life insurance policy in which the insured is the ite nsurance poliey in which the insured is the son of the taxpayer and d. A life insurance policy purchased by a taxpayer insuring his or her spouse e. A liensurance policy purchased by a...
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