Compute the taxable income for 2014 for Aiden on the
Compute the taxable income for 2014 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2012.
Salary ............................. $ 80,000
Interest on bonds issued by the City of Boston ............... 3,000
Interest on CD issued by Wells Fargo Bank .............. 2,000
Cash dividend received on Chevron common stock ........... 2,200
Life insurance proceeds paid on death of aunt (Aiden was the designated
beneficiary of the policy) ....................... 200,000
Inheritance received upon death of aunt ................ 100,000
Jackson (a cousin) repaid a loan Aiden made to him in 2008 (no interest was
provided for) ............................ 5,000
Itemized deductions (state income tax, property taxes on residence, interest
on home mortgage, and charitable contributions) .............. 9,400
Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) . 3
Age ................................ 43
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