10 May WHAT IS THE AMOUNT OF THE ANNUAL PAYMENTS THAT REPRESENTS GROSS INCOME TO MRS. DEE?
Gross income benefits insurance policy paymentsMr. T has been a night watchman at Y Company for 10 years. During the current year he received the following payments from Y Company:Salary: $15 000Hospitalization insurance premiums: $3 600Required lodging on Y’s premises for Y’s convenience as a condition to T’s employment: $2 400Reward for preventing a break-in: $1 000Christmas ham (value): $15What amount is included in Mr. T’s gross income in the current year?A. $17 400B. $16 015C. $16 000D. $15 000In 2013 Mr. and Mrs. Birch are both over 65 years of age and are filing a joint return. Their income for the current year consisted of the following:Taxable interest: $6 000Taxable dividends: $8 000Social Security payments (Mr. and Mrs. Birch combined): $15 000Tax-exempt interest: $4 000Taxable pension: $15 000They did not have any adjustments to income. What amount of Mr. and Mrs. Birch’s Social Security benefits is taxable?A. $0B. $4 250C. $7 500D. $8 500Mrs. Dee’s husband died in the current year. She chose to receive the proceeds of her husband’s $100 000 life insurance policy over a 10-year period. The monthly installments are $1 200 each. What is the amount of the annual payments that represents gross income to Mrs. Dee?A. $0B. $2 000C. $4 400D. $14 400.
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