Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden is

Question:

Compute the taxable income for 2017 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2015.
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 received on Chevron ................................... 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 2009 (no interest was
provided for) .............................................................................. 5,000
Itemized deductions (state income tax, property taxes on residence, interest on
home mortgage, and charitable contributions) ....................................... 9,700
Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) ...... 3
Age ............................................................................................. 43
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...