Lisa and Collin are married. Lisa works as an engineer and earns a salary of $16

Question

Lisa and Collin are married. Lisa works as an engineer and earns a salary of $168,000. Collin works at a beauty salon and reported wages of $89,500. Lisa received $720 of interest from corporate bonds and $530 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 $65,500 and his baseball card collection, valued at $2,400. As beneficiary of his father's life insurance policy, Collin also received $167,500. The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $1,230. Collin was injured in an accident at the salon. He was unable to work for a month, but during this time he received $7,260 from disability insurance he purchased several years ago. Collin also received $2,280 in workman's compensation, and $1,960 from the salon for the emotional trauma he suffered from the accident. Calculate Lisa and Collin's gross income for this year assuming they will file married joint.

Explanation / Answer

Collin beauty salon 89,500 municipal bond -530 inherited cash 65,500 workman's compensation 2,280 gross income 156,750 Lisa engineer 168,000 interest 720 municipal bond 530 baseball card collection 2,400 life insurance policy 167,500 gambling winnings 1,230 disability insurance 7,260 emotional trauma -1,960 gross income 345,680

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