1- During 2019, Enrique had the following transactions: Salary $70,000 Interest income on Xerox bonds...
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1- During 2019, Enrique had the following transactions: Salary $70,000 Interest income on Xerox bonds 2,000 Inheritance from uncle 40,000 Contribution to traditional IRA 5,500 Capital losses 2,500 Enriques AGI is:
a. $62,000.
b. $64,000.
c. $67,000.
d. $102,000.
e. $104,000.
2- During 2019, Sandeep had the following transactions: Salary $ 80,000 Interest income on City of Baltimore bonds 1,000 Damages for personal injury (car accident) 100,000 Punitive damages (same car accident) 200,000 Cash dividends from Chevron Corporation stock 7,000 Sandeeps AGI is:
a. $185,000.
b. $187,000.
c. $285,000.
d. $287,000.
e. $387,000.
3- Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Aylas taxable income is:
a. $4,200 $4,550 = $0.
b. $6,200 $5,700 = $500.
c. $6,200 $4,550 = $1,650.
d. $6,200 $1,000 = $5,200.
e. None of these.
Please answer all 3 question. Thank you in advance :)
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