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2:27 PM 9 blackboard9.wju.edu Sprint 27 Thonas age 8 received taxable interest of 1.850 and dividends of 2 550 during the year He has no other income and no deductions

2:27 PM 9 blackboard9.wju.edu Sprint 27 Thonas age 8 received taxable interest of 1.850 and dividends of 2 550 during the year He has no other income and no deductions

2:27 PM 9 blackboard9.wju.edu Sprint 45%) 27. Thonas, age 8, received taxable interest of 1.850 and dividends of 2, 550 during the year. He has no other income, and no itenized deductions. Thenà is a dependent of his parents, who have taxable incone of $72,000. If Thomas' parents do not elect to report his incone on their return, how much of Thosas income will be taxed at his parents" tax rate? a. $o b. $2,300 c. $4,400 d. $400 $3,350 Answer: 28. A taxpayer reported the following items for the year Gain on sale of ABC stock Gambling winnings Gambling losses Door prize $50,000 3,000 5,000 8,000 1,000 What is the taxpayer's addusted gross incone? a. $57,000 b$54.000 . $51,000 d. $53,000 e- $59,000 Anawer: 29. On January 1, the Reyes loaned theS daughter, Rachael, $25,000 that sh@ could open up bez own business. Ther terns of the loa zequir. Rachael to pay her parents back the $25,000 in three years. No interest is being charged on the loan. The AFR for short, mediun, and long-term loans is 4%, 5.5%, and 6, respectively. The imputed interest on the loan in the cuzzent year is a. $o b.010 c. $i.000 d. $1,375 $1,394 Answer 30· In computing the taxable amount of social security benefits, the first-ier) base anount for a married person who fsles jointly with her spouse la:

 
mahesh 17-Mar-2020

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