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For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #1: $215,000 $367 Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation $1,159 $2,486 Gross rental Income from a residential rental property. $24,000 Rental expenses, except depreciation $11,000 The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. Gross receipts from a small consulting business. $5,542 Business expenses related to the consulting business. $3,105 Inheritance from the Taxpayer's aunt who dies in March of this year. $300,000 State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. $1,618 The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. $12,000 Scenario #2 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. 17000 Wages from a summer job. 1655 Federal income tax withholding 320 State Income Tax Return 166 For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #1: $215,000 $367 Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation $1,159 $2,486 Gross rental Income from a residential rental property. $24,000 Rental expenses, except depreciation $11,000 The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. Gross receipts from a small consulting business. $5,542 Business expenses related to the consulting business. $3,105 Inheritance from the Taxpayer's aunt who dies in March of this year. $300,000 State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. $1,618 The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. $12,000 Scenario #2 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. 17000 Wages from a summer job. 1655 Federal income tax withholding 320 State Income Tax Return 166