HomeworkLib
Question

Lebron received $59,400 of compensation from his employer and he received $495 of interest from a...

Lebron received $59,400 of compensation from his employer and he received $495 of interest from a municipal bond. What is the amount of Lebron's gross income from these items?
Multiple Choice
$0.
$495.
$59,400.
$59,895.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Option $ 59400 is Correct

Because interest from a municipal bond are exempted from Income therefore option $59400 is correct

0 0
Add a comment
Know the answer?
Add Answer to:
Lebron received $59,400 of compensation from his employer and he received $495 of interest from a...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Joanna received $54,000 compensation from her employer, the value of her stock in ABC company appreciated...

    Joanna received $54,000 compensation from her employer, the value of her stock in ABC company appreciated by $3.400 during the year (but she did not sell any of the stock), and she received $43,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items? Multiple Choice O $100,400 $57,400. $97,000. $54,000.

  • Joanna received $50,100 compensation from her employer, the value of her stock in ABC company appreciated...

    Joanna received $50,100 compensation from her employer, the value of her stock in ABC company appreciated by $13,300 during the year (but she did not sell any of the stock), and she received $32,000 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items? Multiple Choice $82,100. $95,400. $63,400. $50,100.

  • Hayder received an interest in his employer, an LCC that is taxed as a partnership, as...

    Hayder received an interest in his employer, an LCC that is taxed as a partnership, as compensation when the interest was worth $100,000. The interest is subject to restrictions that prevent his from transferring the interest if he is no longer with the company in 5 years, Hayder genuinely believes that the interest will be worth $400,000 or more in 5 years. How much income must Hayder report if he accepts this offer and no election is made? 1 $0...

  • LeBron James of the Miami Heat hit 765 of his 1354 field goal attempts in the...

    LeBron James of the Miami Heat hit 765 of his 1354 field goal attempts in the 2012/2013 season for a shooting percentage of 56.5%. Over the lifetime of LeBron's career, can we say he is more likely than not to make a field goal? Describe the parameter of interest. the proportion of all shots made by NBA players in LeBron's career LeBron's long-run proportion of making a field goal the number of shots LeBron made in the 2012/2013 season the...

  • ohn received $100,000 cash from his company for his good work performance and he also received...

    ohn received $100,000 cash from his company for his good work performance and he also received stock shares worth $200,000 from his father upon his death in 2019. On December 31, 2019, he received cash dividend in the amount of $5,000 from his inherited stock. John came to you to know his INCOME tax consequences from the above events. How would you advise him? (Note: You don’t need to calculate tax liability. Simply itemize gross income and exclusions.)

  • . How are scholarships received treated for tax purposes? For example, look at difference between tuition...

    . How are scholarships received treated for tax purposes? For example, look at difference between tuition and fees vs. room and board. What are some common examples of income, and what are some common examples of items excluded from income? For example, included items would be income such as alimony received from pre-2019 divorces, gambling winnings, wages, unemployment compensation, etc. and excluded items would be income such as life insurance proceeds, child support payments, medical reimbursements to cover medical expenses,...

  • . Kevin is single. In 2020, he earned $65,000 in salary this year from his employer...

    . Kevin is single. In 2020, he earned $65,000 in salary this year from his employer and received $10,000 in alimony from his ex-wife. They divorced on July 1, 2017. His employer withheld $9,000 in tax from his salary this year. In addition to the above, the following occurred this year: He decided he did not like his nose. So he paid $2,000 in cosmetic surgery to make it larger and more defined. He paid $2,500 in union dues and...

  • Amir, who is single, retired from his job this year. He received a salary of $23,000...

    Amir, who is single, retired from his job this year. He received a salary of $23,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $3,900. On October 1, he began receiving monthly pension payments of $1,600 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension. Amir owns a duplex that he rents to others. He received rent of $10,000 and incurred $15,000 of...

  • *James, a cash basis taxpayer, received the following compensation and fringe benefits in the current year...

    *James, a cash basis taxpayer, received the following compensation and fringe benefits in the current year : Salary $66,000 Disability income protection premiums 3,000 Long-term care insurance premiums 4,000 His actual salary was $72,000. He received only $66,000 because his salary was garnished and the employer paid the $6,000 owed on James’s credit card. The wage continuation insurance is available to all employees and pays the employee three-fourths of the regular salary if the employee is sick or disabled. The...

  • Will received the following interest and dividend payments this year. What amount should Will include in...

    Will received the following interest and dividend payments this year. What amount should Will include in his federal gross income?  City of Greenwood bond interest $1,200  U.S. Treasury bond interest 500  State of Kentucky bond interest 1,000  Mutual Corporation bond interest 600  Sale of Kentucky bond for a profit of 200 What amount should Will include in his gross income? a. Zero b. 1,100 c. 1,300 d. 2,200 e. 3,500

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT