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zhenek [66]
3 years ago
5

.3Simba and Zola are married but file separate returns. Simba received $80,000 of salary and $1,200 of taxable dividends on stoc

k he purchased in his name and paid from the salary he earned since the marriage. Zola collected $900 in taxable interest on a certificate of deposit she inherited from her aunt. Compute Zola’s gross income
Business
1 answer:
Sidana [21]3 years ago
6 0

Answer:

Zola's gross income is worked out under community property state;

Explanation:

community property state

Dividends ($1200/2)                               $600

Interest on certificate of deposit  ($900/2)     $450

Salary               ($80,000/2)                          $40,000

Gross income                                         $41,050

Under community law system, all the property is deemed to be community property and is held jointly by the spouses unless the property is acquired before marriage or inheritance or gift.

For federal tax purposes, each spouse is taxed one and half of the property belonging to community. Therefore Zola is taxed 50% for the incomes of her spouse as well including the interest on certificate of deposit.

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