Reference no: EM13747123

1. Helen receives the $200 lump sum life insurance payment with her friend Alice dies. How much of the payment is taxable to Helen?

2. Quinn is a tax accountant who works very hard for a large corporate client. The clients is please and give her a gift of $10,000 at year end. How much of the gift is taxable to quinn?

3. Charleen received a gift from her boyfriend of $10,000 he knows she is having financial problems and wants to help her. How much of the gift is taxable to Charlene?

4. Robbie receives this scholarship of $20,000 to an elite private college. $10,000 of the scholarship is earmarked for tuition and $10,000 covers his room and board. How much of the scholarship if any is taxable to rob?

5. skylar is covered by his company's health insurance plan. The health insurance cost his company 3500 dollars a year. During the year skylar is diagnosed with a serious illness and health insurance pays $100,000 for surgery and treatment. How much of the insurance and treatment costs are taxable to Skyler?

6. Ellen is a single taxpayer. Islands employer pays $150 per month this is 1800 this year for her health insurance. During the year Ellen had medical expenses of $3500 and the insurance company paid $2000 of the expense. How much of the above amount if any must be included in Ellen's gross income?

7. Vandelle is a taxpayer in the 28% bracket he invest in o-tay Mesa Water District bonds that pay 6% interest what taxable interest rate will provide the same after tax return to Vandell?

8. karen is a well-off retired investment advisor who is in the 35 percent tax bracket. She has a choice between investing in a high quality municipal bond pain 5 percent or a high quality corporate bond pain seven percent which interest do you think she will make and why?

9. Linda a married individual was unemployed for a few months during 2014 during the year she received 3250 and unemployment compensation payments how much of her unemployment compensation payments must be included in her gross income?

10. During the 2014 tax year bryan a single taxpayer receive $6000 in Social Security benefits his adjusted gross income for the year was eighteen thousand dollars not including the Social Security benefits and he received $30,000 in tax exempt interest income. Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2014.