John age 40 is single and received a salary $85,000 from his employer. In addition his employer paid for his medical insurance premiums of $9,000 and life insurance premiums of $1,000 (for $100,000 of group term life insurance on Johns life). John's grandma gave him her car valued at $20,000 he also received $50,000 as a beneficiary of his great aunts estate. Not everything was good for john as he was in a automobile accident and spent some time in the hospital. Auto insurance paid him $10,000 for lost wages and $50,000 for medical expenses. He lost $5,000 in a stock transaction on a stock recommendation from his friend. He also had some interest income from some city of Chicago bonds of $1,500. Calculate Johns 2020 taxable income.

Answer rating: 100% (QA)

For 2020 TI of John 9250000 Abbreviation Used TI Taxable Income Txable Taxable Stepbystep expl... View the full answer