This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Interest on Bond (Panda Corporation) 4,000 Interest on CD (PNC Bank) 3,000 Cash Dividend (GE Common Stock) 1,200 Gross Income $78,200 Less Standard deduction (8,350) Less Personal &Dependent Exemption) (14,600) 3650*4 Taxable income $14,600 Note: Excluded nontaxable income Life insurance Proceed $50,000 Inheritance received on death of aunt $300,000...
View Full Document
- Spring '09
- Taxes, low income taxpayers, lower income family, federal income tax., nontaxable income Life