Ian, a single taxpayer, received $17,000 of Social Security retirement benefits this year. He also received $16,000 of interest income. How much of Ian’s Social Security benefits must be included in his gross income? 

Which of the following individuals can make a deductible contribution to a traditional IRA in 2023? 

Greg works for Perfect Investments Inc. During the current year, he earned $175,000 in salary. What amount will be withheld from Greg’s salary for FICA taxes (rounded to nearest whole dollar)?

Jessie, a married taxpayer using the married filing jointly filing status, received $24,000 of Social Security retirement benefits in 2023. Jessie also received $5,000 of interest income and $75,000 of income from her retirement plan during the year. How much of Jessie’s Social Security benefits must be included in her gross income? 

Hansel and Gretel, a married couple, manage apartments and they are required to live in the managers’ apartment as a condition of their employment. Instead of providing the apartment to Hansel and Gretel rent-free, the owner of the apartment building gives Hansel and Gretel a housing allowance of $600, which they use to pay rent on the managers’ apartment. Hansel and Gretel pay $600 per month in rent. If they did not live in the managers’ apartment, Hansel and Gretel could live in another apartment building where they would only pay $500 in rent. What amount, if any, must be included in Hansel and Gretel’s gross income?

Carlos recently won a $20,000 prize for outstanding achievement in his field. Carlos has requested that the prize money be paid directly to his favorite qualified charity. Which of the following requirements must be met in order to exclude the prize money from Carlos’s gross income?

Joe had the following during the current year a gift from his friend of $800, $6,000 interest on CD’s, $3,500 interest on municipal bonds, and $4,000 in dividends from Wal-Mart. What is Joe’s gross income?

Debra & Chase make a deal to exchange real property What is Chase’s gain or loss according to the following facts? Chase’ Basis $15,000 Cash Received by Chase – $20,000  Debra’s Basis $45,000. Market Value of property Received by Debra – $41,000

If deductions are itemized, which of the following statements is true for tax year 2023:I. A taxpayer may deduct interest expense to create taxable and nontaxable investment income.II. A taxpayer may deduct the full amount of both state income taxes and state sales taxes.III. A taxpayer may deduct both interest and points paid on a $750,000 mortgage.

Ryan has realized several capital gains and losses this year:$12,000 in short-term capital gains.$17,000 in short-term capital losses.$20,000 in long-term capital gains.$8,000 in long-term capital losses. What is Ryan’s net gain or loss?