According to the contributions of Puerto Rico: Indicate the items of income that are part of the gross income. Indicates income exclusions. Calculate the adjusted gross income. Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard. List the exemptions to which the taxpayer is entitled.
According to the contributions of Puerto Rico:
Indicate the items of income that are part of the gross income.
Indicates income exclusions.
Calculate the adjusted gross income.
Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.
List the exemptions to which the taxpayer is entitled.
Case 1: Carlos Ortiz
Carlos Ortiz is married and has an administrator position in a private company. Carlos' salary for this taxable year was $50,000. He received an inheritance of $80,000 and $12,000 in interest from a cooperative of which he is a member. Carlos files jointly with his wife, who is disabled and receives $12,000 in social security a year. The couple has a 15-year-old son, who is a student.
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