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Compute Aidens 2015 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for
Compute Aidens 2015 taxable income on the basis of the following information. Aiden is married but has not seen or heard from his wife for over three years.
Salary | $80,000 |
Interest on bonds issued by City of Boston | 3,000 |
Interest on CD issued by Wells Fargo Bank | 2,000 |
Cash dividend received on Chevron common stock | 2,200 |
Life insurance proceeds paid due to the death of Aunt Margie (Aiden was the designated beneficiary of the policy) | 200,000 |
Inheritance received on death of Aunt Margie | 100,000 |
Jackson (a cousin) repaid a loan Aiden made to him in 2012 (no interest was provided for) | 5,000 |
Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, charitable contributions) | 9,700 |
Number of dependents (children, ages 17 and 18; mother-in-law, age 60) | 3 |
Age | 43 |
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