29). In December of this year, Sam and Esterina, a married couple, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for their daughter's college tuition. Sam and Esterina received proceeds of $12,000 representing principal of $9,000 and interest of $3,000. The qualified higher educational expenses they paid this year totaled S9,000. Their is for 2018 is $129,550. What is the amount of interest income Sam and Esterina can exclude from their income this year? A) $ 1,000 B) $1,500 C) $2,750 D) $3,000 AGI In December 2018, Tatiana, a cash-basis taxpayer, rents an apartment to Hakeem. Tatiana receives both the first and last months' rent totalin reported by Max as taxable in 2018 is A) $400. B) $1,000. C) $2,000. D) $2,500. g $2,000 plus a security deposit of $500. The amount of income 31) Miguel and Maria are married. Miguel's salary is $70,000. His tax withholding is $10,000. Maria's salary is $80,000. Her tax withholding is $12,000. They have itemized deductions of S30,000. If they file Married Filing Joint for 2018, what is their tax refund or tax amount that is owed to the IRS? A) Owe $3,231 in tax. B) Owe $3,538 in tax C) Have a refund of $3,721 D) Have a refund of $4,042. 32) A couple was divorced in 2016, resulting in the payment of alimony. Alimony paid in 2018 is A) included in income by the payor and deducted by the payee. B) an item which does not affect the payor's or the payee's tax reporting. C) deductible by both the payor and the payee. D) deductible by the payor and included in income by the payee. 33) Rhianna purchased 1,500 shares of XYZ Corporation for $15,000. This year, XYZ Corp. declared a 10% nontaxable stock dividend, and Rhianna received 150 shares. After the dividend Rhianna's per share basis will be (rounded) A) $6.00. B) $7.57 C) $9.09. D) $10.00. 29). In December of this year, Sam and Esterina, a married couple, redeemed qualified Series EE U.S. Savings Bonds. The proceeds were used to help pay for their daughter's college tuition. Sam and Esterina received proceeds of $12,000 representing principal of $9,000 and interest of $3,000. The qualified higher educational expenses they paid this year totaled S9,000. Their is for 2018 is $129,550. What is the amount of interest income Sam and Esterina can exclude from their income this year? A) $ 1,000 B) $1,500 C) $2,750 D) $3,000 AGI In December 2018, Tatiana, a cash-basis taxpayer, rents an apartment to Hakeem. Tatiana receives both the first and last months' rent totalin reported by Max as taxable in 2018 is A) $400. B) $1,000. C) $2,000. D) $2,500. g $2,000 plus a security deposit of $500. The amount of income 31) Miguel and Maria are married. Miguel's salary is $70,000. His tax withholding is $10,000. Maria's salary is $80,000. Her tax withholding is $12,000. They have itemized deductions of S30,000. If they file Married Filing Joint for 2018, what is their tax refund or tax amount that is owed to the IRS? A) Owe $3,231 in tax. B) Owe $3,538 in tax C) Have a refund of $3,721 D) Have a refund of $4,042. 32) A couple was divorced in 2016, resulting in the payment of alimony. Alimony paid in 2018 is A) included in income by the payor and deducted by the payee. B) an item which does not affect the payor's or the payee's tax reporting. C) deductible by both the payor and the payee. D) deductible by the payor and included in income by the payee. 33) Rhianna purchased 1,500 shares of XYZ Corporation for $15,000. This year, XYZ Corp. declared a 10% nontaxable stock dividend, and Rhianna received 150 shares. After the dividend Rhianna's per share basis will be (rounded) A) $6.00. B) $7.57 C) $9.09. D) $10.00