Required information [The following information applies to the questions displayed below.) Grady received $8,200 of...
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Required information [The following information applies to the questions displayed below.) Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? (Leave no answer blank. Enter zero if applicable.) a. Grady files single and reports salary of $12,100 and interest income of $250. Amount to be included in gross income Required information [The following information applies to the questions displayed below.] Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? (Leave no answer blank. Enter zero if applicable.) a. Nikki buys a diamond ring from Shine Company for $10,000 (normal sales price, $14,000; Shine Company's gross profit percentage is 40 percent). Taxable income $ 0
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