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- Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of 1,800. While he was waiting to hear from prospective employers, he painted his house. If Ben had paid someone else to paint his house, the cost would have been 3,000. The cost of the paint Ben used was 800. What is Bens gross income for tax purposes from the above events?Leon Martin is single and has never been married. Leon earned wages of $23,000 during the first half of the year. Leon lost his job in July and received a total of $9,000 in unemployment compensation. Leon is a barber and took a class at the community barber college to improve his barbering skills. He paid the cost of tuition and a course-related book. His qualified education expenses were $2,500. Leon also paid student loan interest for the courses he previously took to earn his Bachelor’s degree. For 2022, he paid student loan interest of $550. Leon does not have any dependents. Leon is a U.S. citizen with a valid Social Security number. 11. What is the taxable amount of Leon's unemployment compensation? A. $0 B. $4,500 C. $9,000 D. $10,200Leon Martin is single and has never been married. Leon earned wages of $23,000 during the first half of the year. Leon lost his job in July and received a total of $9,000 in unemployment compensation. Leon is a barber and took a class at the community barber college to improve his barbering skills. He paid the cost of tuition and a course-related book. His qualified education expenses were $2,500. Leon also paid student loan interest for the courses he previously took to earn his Bachelor’s degree. For 2022, he paid student loan interest of $550. Leon does not have any dependents. Leon is a U.S. citizen with a valid Social Security number. 11. What is the taxable amount of Leon's unemployment compensation? 12. Leon is eligible to claim the Lifetime Learning Credit. 13. Leon can deduct $550 of student loan interest as an adjustment to his income. True False
- Lorenzo Ricci, a 38-year-old computer programmer, earns $85,000 a year. His monthly take-home pay is $5,250. His wife, Siena, works part-time at their children's elementary school but receives no benefits. Under state law, Lorenzo’s employer contributes to a workers' compensation insurance fund that would provide $1,400 per month for six months if he were disabled and unable to work. Calculate Lorenzo’s disability insurance needs assuming that he won't qualify for Medicare under his Social Security benefits. Round your answer to the nearest whole. ___________________________. Based on your answer, what would you advise Lorenzo about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage that he should consider, including possible provisions that he might want to include. What other factors should he take into account if he decides to purchase a policy?…Asher Perkins, a 35-year-old computer programmer, earns $94,000 a year. His monthly take-home pay is $4,950. His wife, Ellie, works part-time at their children's elementary school but receives no benefits. Under state law, Ellie's employer contributes to a workers' compensation insurance fund that would provide $1,500 per month for six months if Asher were disabled and unable to work. Calculate Asher's disability insurance needs, assuming that he won't qualify for Medicare under his Social Security benefits. Round your answer to the nearest whole. $ Based on your answer in part a, what would you advise Asher about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage he should consider, including possible provisions he might want to include. What other factors should he take into account if he decides to purchase a policy?