Question 1: Joanna received $78,900 compensation from her employer, the value of her stock in...
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Accounting
Question 1:
Joanna received $78,900 compensation from her employer, the value of her stock in ABC company appreciated by $12,200 during the year (but she did not sell any of the stock), she received $46,400 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items?
Multiple Choice
a) $78,900.
b) $91,100.
c) $137,500.
d) $125,300.
Question 2:
Jamison's gross tax liability is $8,250. Jamison had $2,100 of available credits and he had $4,250 of taxes withheld by his employer. What is Jamison's taxes due (or taxes refunded) with his tax return?
Multiple Choice
a) $6,150 taxes due.
b) $1,900 taxes due.
c) $1,900 tax refund.
d) $4,000 taxes due.
Question 3:
Madison's gross tax liability is $9,350. Madison had $4,410 of tax credits available and she had $8,460 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return?
Multiple Choice
a) $0 taxes due and $0 tax refund.
b) $4,940 taxes due.
c) $3,520 tax refund.
d) $890 taxes due.
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