A characteristic of FICA is that: A. It is imposed only on the employer. B. It has two components: OASDI (referred as to Social Security tax) and Unemployment tax. OC. It is administered by both state and Federal governments. D. It does not apply to self-employed taxpayers. E. There is a maximum base for the Social Security tax. Reset Selection Irene's husband passed away this year. After his death, Irene received $250,000 of proceeds from life insurance on her husband, and she inherited her husband's stock portfolio worth $750,000. What amount must Irene include in her gross income? A. $1 Million B. $750,000 C. $500,000 D. $250,000 E. $0 Kyle, whose wife died in December 2015, filed a joint tax return for 2015. He did not remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle's filing status as to 2019? A. Married filing jointly B. Head of household O C. Surviving spouse/Qualified widow D. Single O E. Married filing separately This year Bill received a $900 refund of state income taxes that he paid last year. Last year Bill claimed itemized deductions of $10,000 including $2,800 of state income taxes. How much of the refund, if any, must Bill include in gross income if the standard deduction last year was $9,550? O A. $0 B. $450 OC. $650 D. $900 O E. $2,800 Brittany received the following income from her investments: Interest on Corporate bonds $2,000 Dividends on investing in Apple Inc. $3,000 Gain on the sale of McLean County school $3,000 bonds Interest on McLean County school bonds $5,000 Interest on the U.S. Government bonds $3,500 What is Brittany's gross income: A. $11,500 B. $5,500 C. $5,000 D. $8,500 OE. $14,000 Quinn had the following transactions: Alimony received (divorce settled in 2016) Salary received Cash dividends received Gift received Quinn's AGI is: $8,000 $50,000 $1,000 $20,000 A. $42,000 B. $50,000 C. $51,000 D. $59,000 O E. $79,000