Question

Caroline is retired and receives income from a number of sources. the payments are from bonds that Caroline purchased over past years and disability insurance policy that Caroline purchased.
Calculate her incomeDistributions from qualified pension plan $5400Interest on binds issued by City of Austin, Texas $2500Social Security benefits $8200Interest on US Treasury Bills $2300Interest on bonds issued by Ford Motor Company $1900Interest on bonds issued by City of Quebec, Canada $2750Disability insurance $9500

Answer 1

Answer:

Answer:

Caroline Income/Taxable Income = $12,350

Explanation:

Income/Taxable Income means all income from whatever source derived, unless excluded by law. It can also be called Gross Income. Gross Income includes income realized in any form, whether in money, property or services

Calculation of Caroline Income/Taxable Income

Distributions from qualified pension plan  $5,400

Interest on US Treasury Bills                       $2,300

Interest on bonds issued by                        $1,900

Ford Motor Company

Interest on bonds issued  by City of            $2,750

Quebec, Canada                                                        

Total                                                               $12,350