1. Mr. Ainspan is a college student working on a degree in accounting. He received...
90.2K
Verified Solution
Link Copied!
Question
Accounting
1. Mr. Ainspan is a college student working on a degree in accounting. He received the following in 2016: -A $4,000 scholarship used for tuition at State University -A $1,000 scholarship used for fees and books -An $8,000 fellowship used for his room and board Compute the amount Mr. Ainspan must include in income for 2016.
A) $8,000
B) $5,000
C) $13,000
D) $9,000
2. The following information is available for Ann Drury for 2016:
Salary
$36,000
Premiums paid by employer on group-term life insurance in excess of $50,000
500
Proceeds from state lottery
5,000
How much should Drury report as gross income on her 2016 tax return?
A) $36,000
B) $36,500
C) $41,000
D) $41,500
3. Ms. Green is single and over 65 years old. She received the following income in 2016:
Interest from certificates of deposit
$3,000
Tax-exempt interest
6,000
Taxable dividends
5,000
Taxable pension
20,000
Wages from consulting work
9,000
Social security
14,000
She did not have any adjustments to income. What is the taxable amount of Ms. Green's social security?
A) $7,000
B) $7,650
C) $9,000
D) $11,900
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
