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QUESTION 1 Compute the taxable income for Dave and Judith Nichols for 2020. He is married and filing jointly. He is 62 and wife is
QUESTION 1 Compute the taxable income for Dave and Judith Nichols for 2020. He is married and filing jointly. He is 62 and wife is 60. Assume no other facts. Salary $65,000 Interest from General Motors Bonds: $5,000 Interest from University of Ms Bonds: 4,000 Inheritance from Aunt who died in 2020: $10,000 Amount Lost in Office Football Pool: $500 Short term capital loss on stock he sold: (4,000) itemized deductions: $19,500 1. $41,600 2. $42,200 O 3. $47,600 4.545,600 QUESTION 2 in the current year, Mark provided more than half the support for his cousin, his niece, and a close family friend. Mark lives alone and sends a monthly support check to each one. None of the individuals whom Mark supports has any income or files any tax return. All three are U.S. citizens. Which of the three people Mark supports can he daim as a dependent on his tax return? O 1. Niece 2. None of them 3. Cousin, neice, and family friend 4. Cousin and Niece Click Save and Submit to save and submit. Click Save All Answer to me all
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