Compute kunto gross income

Assignment Help Accounting Basics

Reference no: EM13987706

1. For a person who receives Social Security benefits, what effect, if any, can an increase in other income have on that person's taxable income?

2. On January 1, 2015, Kunto, a cash basis taxpayer, pays $46,228 for a 24- month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives $50,000. In your computations:

a. Compute Kunto's gross income from the certificate for 2015.

b. Compute Kunto's gross income from the certificate for 2016. Round any amounts to the nearest dollar.

Reference no: EM13987706

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