1. Mary is single and has one dependent. Her financial records show the following items...
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1. Mary is single and has one dependent. Her financial records show the following items in the current year: $6,000 gift received from her uncle; $1,000 in qualified dividends received; $12,000 lottery winnings; $6,000 child support received; $7,500 alimony received; $3,000 worker's compensation received due to work-related unjury; $10,000 unemployment compensation received; $40,000 salary from her employer; and $5,000 short-term capital loss on the sale of stock. What is Mary's adjusted gross income for the current year?
a. 76500
b. 70,500
c. 67500
d. 66500
e. 65500
2. Felicia is covered by a $180,000 group term life insurance policy and her daughter is the beneficiary. Felicia's employer pays the entire cost of the policy for which the uniform annual premium is $8 per $1,000 of coverage. How much of this premium is taxable to Felicia?
a.0
b. 640
c. 1040
d. 1440
e. 12480
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