14. Sally received $60,600 of compensation from her employer and she received $6

Question

14. Sally received $60,600 of compensation from her employer and she received $630 of interest from a corporate bond. What is the amount of Sally's gross income from these items?

Multiple Choice

$60,600.

$0.

$61,230.

$630.

15. Madison's gross tax liability is $11,450. Madison had $3,030 of tax credits available and she had $10,650 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return?

Multiple Choice

$0 taxes due and $0 tax refund.

$8,420 taxes due.

$800 taxes due.

$2,230 tax refund.

Explanation / Answer

Answer =1 Amount received from the employer as compensation = $ 60,600 Interest received from the corporate bond = $ 630 is not a salaey income, this is an investment income So Salary income = $ 60,600 Answer = Option 1 = $ 60,600 Answer =2 Gross Tax liability of madison's = 11450 Less: Credits Available = 3030 Less: Taxes withheld by the eployer = 10650 -2230 So there is excess credit and taxed withheld , so this amount is refundable to Madison's . Answer = Option 4 = $ 2,230 Tax Refund

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