Calculate Gross Income using the following information Salary Savings Accounting

Question

Calculate Gross Income using the following information Salary Savings Accounting Interest Income Checking Accounting Interest Income State of New York Interest Income Ordinary Dividends Qualified Dividends Alimony Income Social Security Benefits Annuity Payment $ 85,000.00 $200.00 125.00 $ 8,000.00 $ 7,000.00 3,000.00 $10,000.00 $ 12,000.00 annuity terms: Investment of $110,000 with total payout of $225,000, term of 10 years Gambling Income Health Insurance Premium Scholarship Qualified Education Expenses Inheritance $ 2,200.00 $3,000.00 $ 2,000.00 $ 2,700.00 $14,000.00 Sold 100 shares of stock Basis of $10 per share Sold for $22 per share purchased the stock less than 1 year ago Sold 200 shares of stock Basis of $12 per share Sold for $8 per share purchased the stock more than 1 year ago Condo Rental Property Rental Income Rental Expenses 12,000.00 $ 11,500.00 Parternship Income-25% Partner Business Income Interest Income Cash Distribution 32,000.00 450.00 $ 1,400.00 Independent Contractor Business $ 1,750.00 $ 1,000.00 Income Expenses Modified AGI 105,800.00

Explanation / Answer

Gross income=

Add following:-

Salary; savings account interest income;

checking account interest income; state of new York interest income;

ordinary dividends;

qualified dividends; alimony income; social security benefits; Gambling income; scholarship (assuming that it is received); Shares sold= 22*100= $2200 (we will not show share purchase in this year as it was done in previous years); Shares sold= 200*8= $1600 (we will not show share purchase in this year as it was done in previous years); rental income; business income= 25% of 32000= $8000; interest income (25% of 450); cash distribution ( 25% of 1400, assuming that it is received by the partner); income from independent contractor business

Subtract following from above:-

Annuity payments (225000/10= 22500 annually); health insurance premium; qualified education expenses; inheritance (assuming that it is expenses); rental expenses; expenses on independent contractor business

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.