Question
1.) Olivia, a single taxpayer, has AGI of $280,000 which includes $220,000 of salary and $60,000 of investment income. She will pay medicare on the
1.) Olivia, a single taxpayer, has AGI of $280,000 which includes $220,000 of salary and $60,000 of investment income. She will pay medicare on the $60,000 of investment income of
A.) $870 B.) $9,000 C.) S0 D.) $2,280
Which of the following statements incorrect?
A.) Excise taxes are assessed on items such as gasoline and telephone use.
B.) Property taxes are levied on real estate.
C.) Gift taxes are imposed on the recipient of a gift.
D.) The estate tax is based on the fair market value of property at death or the alternative valuation date.
Leigh inherited $65,000 of City of New York bonds on January 2015. In March 2015, she received $4,000 of interst on the bonds. In July 2015, she sold the bonds at a $10,000 gain. Leigh also redeemed Series E US. Savings bonds in October 2015 that she had purchased several years ago and received accumulated interest of $2,600. In December 2015, she received $800 of interest on City of Prais, France, bonds. Wht amount, if any of gross income must Leigh report?
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