1. Bobby is single with no dependents. He is 70 years old and is employed by...

 

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1. Bobby is single with no dependents. He is 70 years old and is employed by Theta Corporation. In 2018, Theta transferred him to Macon, Georgia from Denver, Colorado. He submits the following information to you for tax year 2018. Compute the gross income, adjusted gross income, taxable income, and income tax. Salary Interest on U.S. Govemment Bonds Interest on Atlanta Airport Municipal Bonds Short-tem Capital Loss on sale of stock Life Insurance from death of Uncle Ted Inheritance from Uncle Ted Theta paid Bobby's moving expenses Value of watch given by Theta to Bobby as a safety award Cash award to Bobby for his 10 years of service with Theta Value of parking for twelve months, paid by company Value of company-paid cell phone Alimony paid to Bobby's ex-wife, divorce decree 12/31/15 12,000 Child support paid to Bobby's ex-wife Itemized deductions Note that Theta has a qualified plan for the safety award and recognition of service award. $75,000 5,000 10,000 (8,000) 500,000 1,000,000 10,000 1,000 500 3,600 2,400 15,000 12,500 1. Bobby is single with no dependents. He is 70 years old and is employed by Theta Corporation. In 2018, Theta transferred him to Macon, Georgia from Denver, Colorado. He submits the following information to you for tax year 2018. Compute the gross income, adjusted gross income, taxable income, and income tax. Salary Interest on U.S. Govemment Bonds Interest on Atlanta Airport Municipal Bonds Short-tem Capital Loss on sale of stock Life Insurance from death of Uncle Ted Inheritance from Uncle Ted Theta paid Bobby's moving expenses Value of watch given by Theta to Bobby as a safety award Cash award to Bobby for his 10 years of service with Theta Value of parking for twelve months, paid by company Value of company-paid cell phone Alimony paid to Bobby's ex-wife, divorce decree 12/31/15 12,000 Child support paid to Bobby's ex-wife Itemized deductions Note that Theta has a qualified plan for the safety award and recognition of service award. $75,000 5,000 10,000 (8,000) 500,000 1,000,000 10,000 1,000 500 3,600 2,400 15,000 12,500

Answer rating: 100% (QA)

1 computation of gross total income for the FY 2018 Salary 75000 Interest on US govt bond 5000 Cash ... View the full answer