25. Felix B 3 5-year-old males vice peesident of the Key Pet Products Company and a 550.000 per yet. The company powdes papoupem life insurance of twice the finales for all officers of the company. The cost of the policy to the company for Mt Boots is 5650 per year. How much of the $650 mus Felix include in his grow income Kitty-Lit changed its policy to enable all employees to be covered twice their annual salary, what would Felix have to include in his gross income 30. On September 23 an annully com give her $125 am October 30. Mar the exclusion uity to be in To come 31. Don Smith's wi receiving an an There was no i June 30, 2013 was $7.938. T first monthly 2019. Det to be include 26. A. Fuent, an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative Investments: US Series EE bonds, bonds for industrial development for mass transit and qualified veterans mortgage bonds, which should he choose for his investment? Why? 32. Assume the except that a Cost-of- payment month. D 2020 ann Don's gre 27. Norm and Pas, a married couple filing a joint return, have the following sources of income $15.000 4000 Interest income Dividend income Social Security benefits 9,000 33. Philips Survivor $200 pc death of the old and Philip ratio the ar gross Both Norm and Pat are over 65 years of age. Determine their taxable income 28. Ron and Gayle, both over 65 years of age. have the following sources of income 34. Peter anni for Consulting income Interest income Taxempt interest Social Security benefits $36.000 4000 4000 12,000 $ qu Tec Ron and Gayle have itemized deductions of $16.000. Compute their taxable income. 29. Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for his life and upon his death for his wife, Robin, for the remainder of her life. As of the annuity starting date Robert is 68 and Robin is 66. The annuity cost Robert S36,000. Determine the exclusion ratio for the annuity. Gross Income-Exclusions 25. Felix Boots, a 35-year-old male, is vice president of the Kitty-Lit Pet Products Company and earns $50,000 per year. The company provides paid group-term life insurance of twice the officers' salaries for all officers of the company. The cost of the policy to the company for Mr. Boots is $650 per year. How much of the $650 must Felix include in his gross income? If Kitty-Lit changed its policy so as to enable all employees to be covered at twice their annual salary, what would Felix have to include in his gross income? 30. On Sep an ann give he Octobe the exc annuit gross it 31. Don S emplo receivi There June 3 was $7 first m 2019. to be i 26. A. Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: U.S. Series EE bonds, bonds for industrial development for mass transit, and qualified veterans mortgage bonds. Which should he choose for his investment? Why? 32. Assun excep a cost paym mont 2020 Don's 27. Norm and Pat, a married couple filing a joint return, have the following sources of income: $35,000 4,000 33. Philip survi $200 Wages 3,000 Interest income Dividend income Social Security benefits death of th old a 9,000 Phili Both Norm and Pat are over 65 years of age. Determine their taxable income. ratio the gros: fame for mass transit, and qualified veterans mortgage bonds. Which should he choose for his investment? Why? a cos payn mont 2020 Don's 27. Norm and Pat, a married couple filing a joint return, have the following sources of income: Wages Interest income Dividend income Social Security benefits $35,000 4,000 3,000 9,000 33. Philip surviv $200 death of the old an Philip ratio f the an grossi Both Norm and Pat are over 65 years of age. Determine their taxable income. 28. Ron and Gayle, both over 65 years of age, have the following sources of income: 34. Peter annuit for life Consulting income Interest income Tax-exempt interest Social Security benefits $36,000 4,000 4,000 12,000 in $25 quarte: receive month Perfor Ron and Gayle have itemized deductions of $16,000. Compute their taxable income. what ar income was the the exc 29. Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for his life and upon his death for his wife, Robin, for the remainder of her life. As of the annuity starting date Robert is 68 and Robin is 66. The annuity cost Robert $36,000. Determine the exclusion ratio for the annuity. 25. Felix B 3 5-year-old males vice peesident of the Key Pet Products Company and a 550.000 per yet. The company powdes papoupem life insurance of twice the finales for all officers of the company. The cost of the policy to the company for Mt Boots is 5650 per year. How much of the $650 mus Felix include in his grow income Kitty-Lit changed its policy to enable all employees to be covered twice their annual salary, what would Felix have to include in his gross income 30. On September 23 an annully com give her $125 am October 30. Mar the exclusion uity to be in To come 31. Don Smith's wi receiving an an There was no i June 30, 2013 was $7.938. T first monthly 2019. Det to be include 26. A. Fuent, an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative Investments: US Series EE bonds, bonds for industrial development for mass transit and qualified veterans mortgage bonds, which should he choose for his investment? Why? 32. Assume the except that a Cost-of- payment month. D 2020 ann Don's gre 27. Norm and Pas, a married couple filing a joint return, have the following sources of income $15.000 4000 Interest income Dividend income Social Security benefits 9,000 33. Philips Survivor $200 pc death of the old and Philip ratio the ar gross Both Norm and Pat are over 65 years of age. Determine their taxable income 28. Ron and Gayle, both over 65 years of age. have the following sources of income 34. Peter anni for Consulting income Interest income Taxempt interest Social Security benefits $36.000 4000 4000 12,000 $ qu Tec Ron and Gayle have itemized deductions of $16.000. Compute their taxable income. 29. Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for his life and upon his death for his wife, Robin, for the remainder of her life. As of the annuity starting date Robert is 68 and Robin is 66. The annuity cost Robert S36,000. Determine the exclusion ratio for the annuity. Gross Income-Exclusions 25. Felix Boots, a 35-year-old male, is vice president of the Kitty-Lit Pet Products Company and earns $50,000 per year. The company provides paid group-term life insurance of twice the officers' salaries for all officers of the company. The cost of the policy to the company for Mr. Boots is $650 per year. How much of the $650 must Felix include in his gross income? If Kitty-Lit changed its policy so as to enable all employees to be covered at twice their annual salary, what would Felix have to include in his gross income? 30. On Sep an ann give he Octobe the exc annuit gross it 31. Don S emplo receivi There June 3 was $7 first m 2019. to be i 26. A. Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: U.S. Series EE bonds, bonds for industrial development for mass transit, and qualified veterans mortgage bonds. Which should he choose for his investment? Why? 32. Assun excep a cost paym mont 2020 Don's 27. Norm and Pat, a married couple filing a joint return, have the following sources of income: $35,000 4,000 33. Philip survi $200 Wages 3,000 Interest income Dividend income Social Security benefits death of th old a 9,000 Phili Both Norm and Pat are over 65 years of age. Determine their taxable income. ratio the gros: fame for mass transit, and qualified veterans mortgage bonds. Which should he choose for his investment? Why? a cos payn mont 2020 Don's 27. Norm and Pat, a married couple filing a joint return, have the following sources of income: Wages Interest income Dividend income Social Security benefits $35,000 4,000 3,000 9,000 33. Philip surviv $200 death of the old an Philip ratio f the an grossi Both Norm and Pat are over 65 years of age. Determine their taxable income. 28. Ron and Gayle, both over 65 years of age, have the following sources of income: 34. Peter annuit for life Consulting income Interest income Tax-exempt interest Social Security benefits $36,000 4,000 4,000 12,000 in $25 quarte: receive month Perfor Ron and Gayle have itemized deductions of $16,000. Compute their taxable income. what ar income was the the exc 29. Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for his life and upon his death for his wife, Robin, for the remainder of her life. As of the annuity starting date Robert is 68 and Robin is 66. The annuity cost Robert $36,000. Determine the exclusion ratio for the annuity