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Compute the taxable income for 2018 for Aiden on the basis of the following information. Aiden is divorced. Salary $80,000 Interest on bonds issued by

Compute the taxable income for 2018 for Aiden on the basis of the following information. Aiden is divorced.

Salary

$80,000

Interest on bonds issued by the 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 on death of aunt (Aiden was the designated beneficiary of the policy)

200,000

Inheritance received upon death of aunt

100,000

Jackson (a cousin) repaid a loan Aiden made to him in 2014 (no interest was provided for)

5,000

Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions)

9,700

Number of dependents (children, ages 12 and 16)

2

Age

43

AGI

84200

Less: larger of itemized or standard deduction

18000

Less: Personal & dependent exemptions

0

Taxable Income

66200
Gross Tax Liability

I just need help with the gross tax liability now.

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