Answer to question 1
Gross total income will be zero
as scholarship recived is not taxable as will not be a part of taxable income
Answer to question no.-2
Gross total in come will be $ 400000
As Loss of future income is taxable -$240000
Punitive damage is also taxable under income from other sources-$160000
Medical reimbursement is exempt upto $15000 so it will not be a part of taxable income
Hence gross total income is ($240000+$160000)= $400000
Answer to question no.3
Gross total income will be $ 5000
As bonus received will be taxable & Anygift received on ocassion of marriage will not be taxable received from any person
hence gross total income will be $ 5000
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents...
U se. 45. Jena is a full-time undergraduate student at State University and qualifies as a dependent of her parents. Her only source of income is a $10,000 athletic scholarship ($1,000, books; $5,500, tuition: $500, student activity fee; and $3,000, room and board). Jena's gross income for the year is: a. $10,000. b. $4,000 c. $3,000. d. $500 e. None of these
Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. During 2019, she received $1,400 interest income from a bank savings account and $12,000 from a part-time job. What is Michaella’s taxable income for 2019?
Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. During 2019, she received $1,400 interest income from a bank savings account and $12,000 from a part-time job. What is Michaella’s taxable income for 2019?
Anne Marie is single, age 22 and claimed as a dependent on her parent’s tax return. During 2018, she was full time college student and received a scholarship to cover her tuition of $8,000. She had wages of $5000 from a part time job and investment income of $3000. Calculate Anne Marie’s taxable income.
21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University but she plans to return home after the school year ends. In previous years, Victoria has never worked and her parents have always been able to claim her as a dependent. Their AGI and earned income is $30,000. In 2020, Harrison, a kind neighbor pays all for all of Victoria's educational and living expenses. Can the Turnerts claim the Child Tax Credit or ODC...
In year 1, the Ennetts’ 25-year-old daughter, Jane, is a full-time student at an out-of-state university, but she plans to return home after the school year ends. In previous years, Jane has never worked, and her parents have always been able to claim her as a dependent. In year 1, a kind neighbor offers to pay for all of Jane’s educational and living expenses. Which of the following statements is most accurate regarding whether Jane’s parents would be allowed to...
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day, just around the corner! It is the time of year again when Jamie Lee must file her annual income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,550 and also opened up a TFSA, to which she contributed $300. Her savings accounts earn 2 percent interest per year, and she also...
Need help figuring out the GROSS INCOME please
Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2,800, and also opened up an IRA, to which she contributed $200 last...
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...
76. Consider the following letter and answer Shady's question. To my friendly student tax preparer: Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year whatever that means. It's been a busy year and I'm a busy man, so let me give you the lowdown on my life and you can do your thing. I was unemployed at the beginning of the year and got $2,000 in unemployment...