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Sagot :
Solution :
a). The following items are :
Salary ---- taxable
Cash dividend that is received on common stock of Chevron -- Taxable
The Interest on the bonds that is issued by Boston City --- Not taxable
The proceeds of Life Insurance --- Not taxable
The interest on the CD that is issued by the Wells Fargo Bank -- Taxable
The Inheritance which is received on the death of Aunt Margie --- Not taxable
The Proceeds from repayment of the loan ---- Not taxable
b). Aiden's filing status is Head of households.
c). Aiden should take the standard deductions.
d). Aiden's taxable income in 2018 :
Cash dividend that is received on the Chevron common stock $ 2,200
Salary $ 80,000
Interest on the CD issued by the Wells Fargo Bank $ 2,000
AGI $ 84,200
Less : standard deduction $ 18,000
Taxable income $ 66,200
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