Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve problems 36-41 5-32 Codec employed 35. Behind her SEE bond She $12.00 of 53.000 5.000 qualified ads, Furthe Beader 40. Rar Corby student,

please solve problems 36-41
image text in transcribed
5-32 Codec employed 35. Behind her SEE bond She $12.00 of 53.000 5.000 qualified ads, Furthe Beader 40. Rar Corby student, was michack at the Campus in de der. He was required to be on duty 1 pm and on all the hours, although he was rarely called um His employer also required that on the price and furnished him with room free of charge, adjacent to the del Rogered the room as his perma que Roger also ate all his mas the inn dining room. Roger cluded value of all these benefits from his What was the response of the IRS the year is $10,000. Determine what Fans interest income Bethmandude in her 36. Linda Sur Carr worked for a large food brokerage fim. In January of the year she warnard. Afera cortante Linda Sorwarted in her band med from the firm in November $7.500 in punile damages. Man Linda Surindade the $7.500 in punitive damages in het 2021 prosincome! 41. On May 1. 2021. Anthony was in an mobile accident while on his way to work. Following doctor's advice, Anthony stayed home for six months to CONTE from his injuries. While at home, Andy Sled a lawsuit against the other driver. Os December 1.2021, the lawsuit was and Anthony received the following Compensation for lost wages Personal Injury damages none of which was for punitive damages How much of the settlement must Anthony include in ordinary income on 2021 tax return? 37. Steven Spokesman, a high school teacher in local school district, was fired for publicly criticising the local school district. The court ruled that Stevens freedom of speech had been violated and the school district was required to pay $24.000 in damages. Steven paid his lawyer $8,000 to defend him. Determine: (1) whether Steven must include the $24,000 in gross income and (2) whether he can deduct the $8,000 in legal fees! 38. Actress Nola Talent sued her coworker, actor Burr Dirt, for slander, citing his speech at a press interview where he labeled her a "Rory and an "incompetent excuse for an actress." In her suit she daimed that is a consequence of this slander she not only felt degraded but was denied further acting roles. The court awarded her $100,000 in compensatory damages for damage to her acting career and $1.000 in punitive damages for the slander of her character. How is this reflected in her income tax return? 42. Ms. Santana is single and over 65 years old She received the following income in 2021 Interest from certificates of deposit Tor-exempt interest 60 Table dividends 52 Table pension 5300 Wages from consulting work 90 Social Security 14.000 39. Robert Careless was injured while working on the production line on July 8, 2021. He received the following payments as a result of his serious injury She did not have any adjustments to income What is the taxable amount of Ms. Santana Social Security 2. $7,000 b. $9.350 c$11,000 d $11.900 c. $13.850 Workers compensation Medical expense reimbursement Damages for personal Injury $6,000 2.000 5.000 During 2021. Robert earned $16,000 in wages. How much of the above-listed amounts must Robert include in his gross income 5-32 Codec employed 35. Behind her SEE bond She $12.00 of 53.000 5.000 qualified ads, Furthe Beader 40. Rar Corby student, was michack at the Campus in de der. He was required to be on duty 1 pm and on all the hours, although he was rarely called um His employer also required that on the price and furnished him with room free of charge, adjacent to the del Rogered the room as his perma que Roger also ate all his mas the inn dining room. Roger cluded value of all these benefits from his What was the response of the IRS the year is $10,000. Determine what Fans interest income Bethmandude in her 36. Linda Sur Carr worked for a large food brokerage fim. In January of the year she warnard. Afera cortante Linda Sorwarted in her band med from the firm in November $7.500 in punile damages. Man Linda Surindade the $7.500 in punitive damages in het 2021 prosincome! 41. On May 1. 2021. Anthony was in an mobile accident while on his way to work. Following doctor's advice, Anthony stayed home for six months to CONTE from his injuries. While at home, Andy Sled a lawsuit against the other driver. Os December 1.2021, the lawsuit was and Anthony received the following Compensation for lost wages Personal Injury damages none of which was for punitive damages How much of the settlement must Anthony include in ordinary income on 2021 tax return? 37. Steven Spokesman, a high school teacher in local school district, was fired for publicly criticising the local school district. The court ruled that Stevens freedom of speech had been violated and the school district was required to pay $24.000 in damages. Steven paid his lawyer $8,000 to defend him. Determine: (1) whether Steven must include the $24,000 in gross income and (2) whether he can deduct the $8,000 in legal fees! 38. Actress Nola Talent sued her coworker, actor Burr Dirt, for slander, citing his speech at a press interview where he labeled her a "Rory and an "incompetent excuse for an actress." In her suit she daimed that is a consequence of this slander she not only felt degraded but was denied further acting roles. The court awarded her $100,000 in compensatory damages for damage to her acting career and $1.000 in punitive damages for the slander of her character. How is this reflected in her income tax return? 42. Ms. Santana is single and over 65 years old She received the following income in 2021 Interest from certificates of deposit Tor-exempt interest 60 Table dividends 52 Table pension 5300 Wages from consulting work 90 Social Security 14.000 39. Robert Careless was injured while working on the production line on July 8, 2021. He received the following payments as a result of his serious injury She did not have any adjustments to income What is the taxable amount of Ms. Santana Social Security 2. $7,000 b. $9.350 c$11,000 d $11.900 c. $13.850 Workers compensation Medical expense reimbursement Damages for personal Injury $6,000 2.000 5.000 During 2021. Robert earned $16,000 in wages. How much of the above-listed amounts must Robert include in his gross income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Theory Contemporary Accounting Issues

Authors: Thomas G. Evans

1st Edition

0324107846, 9780324107845

More Books

Students also viewed these Accounting questions

Question

=+5. How can you show them their personal benefits?

Answered: 1 week ago

Question

=+7. How does it enhance their lifestyle?

Answered: 1 week ago