ALSO GIVE EXPLANATION FOR THE RIGHT ANSWER

Jill, age 68 , retires and receives $1,000 per month from her employer's qualified retirement plan. Jill contributed $84,000 to the plan prior to her retirement. Her life expectancy is 17.6 years. Jill would report how much of the $1,000 payment in income each month? a. $1,000 b. $677 c. $600 d. $400 e. None of the answers provided is correct. 6. Which of the following statements is true? a. In community property states, income from separate property is always considered separate property. b. Prizes and awards can generally be excluded from gross income. c. Payments designated as child support must be included in gross income when received. d. Under the cash method of accounting, income is always reported in the year the taxpayer actually receives the income. e. None of the answers provided is correct. 7. Pete has year 207 tax liability of $50,000. He estimates that 208 tax liability will be $63,000. Year 207 AGI was $160,000. Year 20X8 withholdings from wages will be $35,000. What minimum amount of estimated tax payment must Pete make each quarter to not incur an underpayment penalty for 208 ? a. $5,425 b. $7,000 c. $3,750 l50,000TL63,000 d. $5,000 e. None of the answers provided is correct. AGI160,000(146,150095,375)0.24+16,29035,000160,000146,1500(13,850)28476TI=2 8. What is the amount of self-employment tax (rounded) that would be paid by Jim for 2023 assuming he earned $91,015 while working as an employee and another $76,000 from a business he owns? a. $10,614 b. $11,628 110% of 50,00 c. $10,738 (d) $10,585 e. None of the answers provided is correct