Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?
Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Case study for Harry and Belinda Johnson.
Given:
| Harry Johnson - Annual Income | $73,000.00 |
| contributed to a traditional IRA | $3,000.00 |
| Belinda Johnson - Annual Income | $94,000.00 |
| contribued to 401(k) | $3,000.00 |
| Earned Interst - checking & savings | $400.00 |
| Earned Interst -Trust (taxed same as check & sav) | $3,000.00 |
1. What is the Johnson's reportable gross income on their joint tax return?
2. What is their adjusted gross income?
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