What is the dollar amount included in Tyson's gross income from the annuity?
Please show me all of the calculations.
Homework Answers
Answer
Total amount of annuity paid = $45000
Total amount he will get = $ 6000×10 =$60000
Total profit from annuity = 60000 - 45000 = $15000 (total of 10 year)
Income per year from annuity= $1500/10year
=$150
The amount included inTyson's gross income is $150. Total amount as for the purpose of income included in Tyson's income as Anuuity would be $6000.
Thats why when you received anuuity those payments are full taxable as income because no taxes have been paid on that money.
Total income of Tyson
salary + interest income + lottery winning + trust income + Annuity payout received
60000 + 200 + 4000+ 3000 + 6000 = $73200
1. Alimony received as a lumpsum on or after seperation or divorce are not taxable as income hence not considered as income.
2. At the time of calculation child sport received is not taxable as it is already taxable in the hand of spouse.
3. When you receive payments from a qualified annuity, those payments are fully taxable as income. That's because no taxes have been paid on that money.
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What is the dollar amount included in Tyson's gross income from
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