What is Schedule D net income
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What is Schedule D net income (
Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable
Schedule D = |
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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?Roger Orfield had a skiing accident, and the doctor told him he must not work for the next four weeks. Roger earns $3,000 per month. How long must Roger wait before collecting disability insurance? How much will Roger be able to collect? What is the maximum length of time Roger could collect disability insurance if his doctor tells him he is unable to work? Is his disability check taxable?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. $10,200
- 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? 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 FalseDalisay was hit by a wayward bus while on his way to work. He survived but had to pay P400,000 for his hospitalization. He was unable to work for 6 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P400,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suffering. -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income? Zero P300,000 P700,000 P760,000Lucas Turner is single and has never been married. Lucas earned wages of $25,000 during the first half of the year. Lucas lost his job in July and received a total of $11,000 in unemployment compensation. Lucas is a welder and took a class at a local vocational school to improve his welding skills. He paid the cost of tuition and a course-related book. His qualified education expenses were $3,500. Lucas also paid student loan interest for the courses he previously took to earn his Bachelor's degree. For 2023, he paid student loan interest of $750. Lucas does not have any dependents.. Lucas is a U.S. citizen with a valid Social Security number 12. Lucas's class qualifies him to claim the Lifetime Learning Credit a. True b. False
- Xander was hit by a wayward bus while on his way to work. He survived but had to pay P500,000 for his hospitalization. He was unable to work for 7 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P100,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suitering. arid -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income?Julie Rios has take-home pay of $4,660 per month and a disability insurance policy that replaces 60 percent of earnings after a 90-day (3-month) waiting period. She has accumulated 80 sick days at work. Julie was involved in an auto accident and was out of work for four months. How much income did she lose, and how much would be replaced by her disability policy? How else could she replace her lost earnings? If after four months Julie could only return to work half-time for an additional three months due to continuing physical therapy, how might she benefit from a residual benefits clause? How much will she receive in disability benefits for this period? Before applying sick day benefits and disability income benefits, Julie would lose $ of income. (Round to the nearest dollar.)George lost his $155,000 sales job. It took him a year to find a new job and, during that time, his utilities were shut off, he foreclosedon his home, and he declared bankruptcy. Ten years from now, what information from this time will remain on his credit report?
- Marvin broke his hip in a slip and fall accident at Costco. He received an accident settlement from Costco’s insurance company for $25,000. He was unable to work during the two-month recovery period but was able to use the $5,000 in sick pay he had accumulated from his employer. Marvin also received $10,000 from an accident policy he had purchased for himself. How much of this income is taxable to Marvin.On a rainy afternoon two years ago, John Smiley left work early to attend a family birthday party. Eleven minutes later, a careening truck slammed into his SUV on the freeway causing John to spend two months in a coma. Now he can’t hold a job or make everyday decisions and is in need of constant care. Last week, the 40-year-old Smiley won an out-of-court settlement from the truck driver’s company. He was awarded payment for all medical costs and attorney fees, plus a lump-sum settlement of $2,330,716. At the time of the accident, John was president of his family’s business and earned approximately $200,000 per year. He had anticipated working 25 more years before retirement. 10 John’s sister, an acquaintance of yours from college, has asked you to explain to her how the attorneys came up with the settlement amount. “They said it was based on his lost future income and a 7% rate of some kind,” she explained. “But it was all ‘legal-speak’ to me.” Required: How was the amount of the…Gabriella is an IT consultant. Three years ago, she completely lost her sight as the result of an accident. Gabriella has returned to work on a part-time basis, but only earning $2,000 a month, instead of the $5,000 she made prior to her accident. She has an individual disability insurance policy that has both residual disability and presumptive disability clauses. The policy has a monthly benefit of $3500. What amount of monthly benefit should Gabriella be receiving presently, assuming that the benefit is payable for ten years? Question 37 options: $2,100 per month. $3,500 per month. $5,000 per month. $1,500 per month.