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Calculate the gross income for doug

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Reference no: EM131766838

This question is under individual tax

Doug is a 62 year old single man and has the following income and expense information for 2016:
Wages from employer $38,000

Interest income from 1st Nat'l Bank 4,500
Interest from City of Chicago bonds 1,500
Interest from Corporate bonds 1,000
Nonqualifying Dividends from STC stock 2,000
Collections from annuity contract (see below)5,100
Net rental income on townhome 2,200
Alimony paid 1,000
State income tax paid 300

The cost of the annuity was $61,200 and Doug expected to receive 240 monthly payments of $425 each. Calculate the gross income for Doug for 2016.

Reference no: EM131766838

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