Irene is disabled and receives payments from a number of sources. The interest p
ID: 2771979 • Letter: I
Question
Irene is disabled and receives payments from a number of sources. The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene purchased herself.
Interest, bonds issued by City of Austin, Texas
$
4,500
Social Security benefits
11,500
Interest, U.S. Treasury bills
1,800
Interest, bonds issued by Ford Motor Company
2,550
Interest, bonds issued by City of Quebec, Canada
1,680
Disability insurance benefits
28,000
Distributions from qualified pension plan
6,900
Calculate Irene’s gross income.
Irene is disabled and receives payments from a number of sources. The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene purchased herself.
Explanation / Answer
Calculation of gross income is as below:
Heads
Amount
Interest from bond issued by T
$4,500
Social security benefits
$11,500
Interest from treasury bill
$1,800
Interest from bond issued by F.M. company
$2,550
Interest from bond issued by Q
$1,680
Disability insurance benefits
$28,000
Distribution from pension
$6,900
$56,930
The gross income is $56,930
Heads
Amount
Interest from bond issued by T
$4,500
Social security benefits
$11,500
Interest from treasury bill
$1,800
Interest from bond issued by F.M. company
$2,550
Interest from bond issued by Q
$1,680
Disability insurance benefits
$28,000
Distribution from pension
$6,900
$56,930
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