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1) Lane is single and has two dependents. Financial records show the following items in the current year: Gift from a friend $12,000 Cash dividends
1) Lane is single and has two dependents. Financial records show the following items in the current year:
Gift from a friend $12,000
Cash dividends from a U.S. common stock $1,200
Prize won in state lottery $1,000
Salary from employer $35,000
Child support received from ex-spouse $6,000
How much is Lane AGI for the current year?
2) Jane and John, a married couple, have combined wages of $36,000 and receive combined Social Security benefits of $12,000. How much of their social security benefits is taxable?
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