Solution-Compute the taxable income

Compute the taxable income

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Reference no: EM132627643

Problem - Compute the taxable income for 2019 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2017.

Salary $80,000

Interest on bonds issued by City of Boston 3,000

Interest on CD issued by Wells Fargo Bank 2,000

Cash dividend received on Chevron common stock 2,200

Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) 200,000

Inheritance received upon death of aunt 100,000

Jackson (a cousin) repaid a loan Aiden made to him in 2013 (no interest was provided for) 5,000

Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) 9,700

Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) 3

Age 43

Reference no: EM132627643

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Compute the taxable income

Reference no: EM132627643

Reference no: EM132627643

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