Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received the following in 2019: -A $4,000 scholarship used for tuition at State University -A $1,000 scholarship used for fees and books -An $8,000 fellowship used for his room and board Compute the amount Mr. Ainspan must include in income for 2019. 1) $8,000 2) $5,000 3) $13,000 4) $9,000 Question 13 Mr. and Mrs. Garden filed a joint return for 2019. Mr. Garden received $8,000 in Social Security benefits and Mrs. Garden received $4,000. Their income also included $10,000 taxable pension income and interest income of $2,000. What part of their Social Security benefits will be taxable for 2019? 1) $0 2) $6,000 3) $24,000 4) $12,000
Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received the following in 2019: -A $4,000 scholarship used for tuition at State University -A $1,000 scholarship used for fees and books -An $8,000 fellowship used for his room and board Compute the amount Mr. Ainspan must include in income for 2019. 1) $8,000 2) $5,000 3) $13,000 4) $9,000 Question 13 Mr. and Mrs. Garden filed a joint return for 2019. Mr. Garden received $8,000 in Social Security benefits and Mrs. Garden received $4,000. Their income also included $10,000 taxable pension income and interest income of $2,000. What part of their Social Security benefits will be taxable for 2019? 1) $0 2) $6,000 3) $24,000 4) $12,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 12
Mr. Ainspan is a college student
working on a degree in accounting. He
received the following in 2019:
-A $4,000 scholarship used for tuition
at State University
-A $1,000 scholarship used for fees
and books
-An $8,000 fellowship used for his
room and board
Compute the amount Mr. Ainspan
must include in income for 2019.
1) $8,000
2) $5,000
3) $13,000
4) $9,000
Question 13
Mr. and Mrs. Garden filed a joint return
for 2019. Mr. Garden received $8,000
in Social Security benefits and Mrs.
Garden received $4,000. Their income
also included $10,000 taxable pension
income and interest income of $2,000.
What part of their Social Security
benefits will be taxable for 2019?
1) $0
2) $6,000
3) $24,000
4) $12,000
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