Emil and Judy Ryan are married and file a joint return. They have no children. E

Question

Emil and Judy Ryan are married and file a joint return. They have no children. Emil is 68 and Judy is 60. They contribute over half of the support for Judy's mother, Cora, age 85, who earned $800 from baby-sitting jobs and received $1,900 in social security benefits during 2015. Cora lives alone in her own apartment. Emil earned a salary of $60,000 in 2015 from his job at Korma Corp., where Emil is covered by his employer's pension plan. Judy, who worked part time in 2015 and earned $1,000, is not covered by an employer's pension plan. Other items received jointly by Emil and Judy in 2015 were as follows:

Life insurance proceeds refund 100

Interest on life insurance policy's accumulated dividends 300

Dividends on stock of a Swiss corporation 500

Dividend on life insurance policy 200

Determine Emil and July’s taxable income and tax liability.

Explanation / Answer

Salary

64600

PARTICULAR AMOUNT

Salary

60000 Part time job revenue 1000 social security benefits 1900 Beby sitting job 800 Life insurance refund 100 Interest on life insurance 300 Dividend on stock of swiss 500 Gross Income

64600

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