Question
a. Trey, age 16, is a qualified child on his parents' tax return. During 2021 he had interest income of $1,550 from a savings account
a. Trey, age 16, is a qualified child on his parents' tax return. During 2021 he had interest income of $1,550 from a savings account and $600 wages from a part-time job. Trey's taxable income is:
$500 | ||
$950 | ||
$1,050 | ||
$2,150 |
b.
During the current year, Mike received the following payments:
Worker's compensation $1,200 Reimbursement from his employer's accident and
health plan for medical expenses paid by Mike $ 900
Age discrimination award from his employer $4,000
What is the amount to be included in Mike's gross income for the current year?
$0 | ||
$900 | ||
$4,000 | ||
$6,100 |
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