Question
6. George and Weezy received $30,100 of Social Security benefits this year ($11,500 for George; $18,600 for Weezy). They also received $5,050 of interest from
6. George and Weezy received $30,100 of Social Security benefits this year ($11,500 for George; $18,600 for Weezy). They also received $5,050 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
a. George and Weezy file married joint and receive $9,250 of dividend income from stocks owned by George.
Amount to be included?
7. Terry was ill for three months and missed work during this period. During his illness, Terry received $7,250 in sick pay from a disability insurance policy. What amounts are included in Terrys gross income under the following independent circumstances? (Leave no answer blank. Enter zero if applicable.)
a. Terry has disability insurance provided by his employer as a nontaxable fringe benefit. Terrys employer paid $5,350 in disability premiums for Terry this year.
Amount included?
8. This year, Janelle received $190,000 in life insurance proceeds. Under the following scenarios, how much of the $190,000 is taxable? (Leave no answer blank. Enter zero if applicable.)
a. Janelle received the proceeds upon the death of her father, Julio.
Taxable amount?
9. This year, Leron and Sheena sold their home for $1,150,000 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? (Leave no answer blank. Enter zero if applicable.)
a. Leron and Sheena bought the home three years ago for $200,000 and lived in the home until it sold.
Taxable gain: ?
10. Dontaes employer has offered him the following employment package.
Salary | $ | 315,000 |
Health insurance | 11,000 | |
Dental insurance | 825 | |
Membership to Heflin Country Club | 15,200 | |
Season tickets to Atlanta Braves games | 4,100 | |
Tuition reimbursement for graduate courses | 3,650 | |
Housing allowance (for a McMansion in his neighborhood of choice) | 32,500 | |
What is Dontaes gross income from his employment?
Gross income?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started