Lisa and Collin are married. Lisa works as an engineer and earns a salary of $207,000....

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Lisa and Collin are married. Lisa works as an engineer and earns a salary of $207,000. For this tax year, Lisa's employer mailed her a bonus of $10,000 on December 31st and it was delivered on January 2nd. Collin works at a beauty salon and reported wages of $72,500. Additionally, one of Collin's clients agreed to give him two concert tickets in exchange for a cut and color. The tickets had a total face value of $150, but Collin could have sold them for $400 (total). Lisa received $885 of interest from corporate bonds and $310 of interest from a municipal bond. Lisa acquired these bonds prior to her marriage to Collin. Collin's father passed away on April 14. He inherited cash of $52,500 and his baseball card collection, valued at $1,800. As beneficiary of his father's life insurance policy, Collin also received $150,500. The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $1,470. Collin was injured in an accident at the salon. He was unable to work for a month, but during this time he received $6,620 from disability insurance he purchased several years ago. Collin also received $1,590 from the salon for the emotional trauma and $2,500 for punitive damages for the accident. Collin and Lisa purchased an annuity several years ago for $145,000. The annuity pays $20,000 each year for a total of 10 years. Calculate Lisa and Collin's gross income for this year, assuming they will file married filing jointly. Lisa and Collin are married. Lisa works as an engineer and earns a salary of $207,000. For this tax year, Lisa's employer mailed her a bonus of $10,000 on December 31st and it was delivered on January 2nd. Collin works at a beauty salon and reported wages of $72,500. Additionally, one of Collin's clients agreed to give him two concert tickets in exchange for a cut and color. The tickets had a total face value of $150, but Collin could have sold them for $400 (total). Lisa received $885 of interest from corporate bonds and $310 of interest from a municipal bond. Lisa acquired these bonds prior to her marriage to Collin. Collin's father passed away on April 14. He inherited cash of $52,500 and his baseball card collection, valued at $1,800. As beneficiary of his father's life insurance policy, Collin also received $150,500. The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $1,470. Collin was injured in an accident at the salon. He was unable to work for a month, but during this time he received $6,620 from disability insurance he purchased several years ago. Collin also received $1,590 from the salon for the emotional trauma and $2,500 for punitive damages for the accident. Collin and Lisa purchased an annuity several years ago for $145,000. The annuity pays $20,000 each year for a total of 10 years. Calculate Lisa and Collin's gross income for this year, assuming they will file married filing jointly.

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