Jack and Jill are married. This year Jack earned $72,000 and Jill earned $80,000 and they received $4,000 of erest income from a joint savings account. How much gross income would Jack report if he files married. parate from Jill? $72,000 if they reside in a common law state. $76,000 if they reside in a community property law state. $84,000 if they reside in a common law state. $78,000 if they reside in a community property law state. All of the above Opal deducted $2,400 of state income taxes on her tax return last year. This year she received a state income x refund of $170. What amount of the refund, if any, should Opal include in her gross income if last year her tal itemized deductions exceeded the standard deduction by $350? -. $2,050 $350 -. $180 .. $170 - None of the above - refunds of state income taxes are not included in gross income. . Wilma has a $25,000 certificate of deposit (CD) at the local bank. The interest on this certificate, $1,000, was redited to her account this year but she must pay an early withdrawal penalty if she cashes in the CD before next year. Which of the following is a true statement? . Wilma must include the $1,000 of interest in her income this year. 3. Wilma must include the $1,000 of interest in her income when she cashes the CD. C. Wilma must include the $1,000 of interest in her income this year only if the bank waives the early withdrawal penalty D. Wilma must include the $1,000 of interest in her income next year if she does not pay the early withdrawal penalty. E. All of the above 9. George purchased a life annuity for $3,200 that will provide him $80 monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months. How much of the first $80 payment will George include in his gross income? A. $80 B. $72 C. $48 D. $32 E. None of the above 10. Nate is a partner in a partnership that received $5,000 of interest income this year. Nate's share of the interest is $1,000 and he should report this income on his individual return as: A. business income B. income from a partnership C. interest income D. dividend income because the partnership intends to organize next year as a limited liability company E. All of the above Jack and Jill are married. This year Jack earned $72,000 and Jill earned $80,000 and they received $4,000 of erest income from a joint savings account. How much gross income would Jack report if he files married. parate from Jill? $72,000 if they reside in a common law state. $76,000 if they reside in a community property law state. $84,000 if they reside in a common law state. $78,000 if they reside in a community property law state. All of the above Opal deducted $2,400 of state income taxes on her tax return last year. This year she received a state income x refund of $170. What amount of the refund, if any, should Opal include in her gross income if last year her tal itemized deductions exceeded the standard deduction by $350? -. $2,050 $350 -. $180 .. $170 - None of the above - refunds of state income taxes are not included in gross income. . Wilma has a $25,000 certificate of deposit (CD) at the local bank. The interest on this certificate, $1,000, was redited to her account this year but she must pay an early withdrawal penalty if she cashes in the CD before next year. Which of the following is a true statement? . Wilma must include the $1,000 of interest in her income this year. 3. Wilma must include the $1,000 of interest in her income when she cashes the CD. C. Wilma must include the $1,000 of interest in her income this year only if the bank waives the early withdrawal penalty D. Wilma must include the $1,000 of interest in her income next year if she does not pay the early withdrawal penalty. E. All of the above 9. George purchased a life annuity for $3,200 that will provide him $80 monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months. How much of the first $80 payment will George include in his gross income? A. $80 B. $72 C. $48 D. $32 E. None of the above 10. Nate is a partner in a partnership that received $5,000 of interest income this year. Nate's share of the interest is $1,000 and he should report this income on his individual return as: A. business income B. income from a partnership C. interest income D. dividend income because the partnership intends to organize next year as a limited liability company E. All of the above
