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Melissa Grant’s Form W-2 provided the following wages and withholding for the year:EmployerGross WagesFederal Income TaxWithholdingState Income TaxWithholdingJensenPhotography$24,500$2,450$1,225All applicable and appropriate payroll taxes were withheld by the Grants’ respective employers. All of the Grant family was covered by minimum essential health insurance during each month in 2014. The insurance was provided by Bob’s primary employer, National Storage.The Grants also received the following during the year:
Interest income from First Kentucky Bank $130Interest income from City of Lexington, KY Bond $650Interest income from U.S. Treasury Bond $675Interest income from Nevada State School Board Bond $150Workers’ compensation payments to Bob $4,350Disability payments received by Bob on account of injury $3,500National Storage paid 100% of the premiums on the policy and included the premium payments in Bob’s taxable wagesMelissa received the following payments as a result of a lawsuit she filed for damages sustained in a car accident:Medical Expenses for physical injuries $3,500Emotional Distress (from having been physically injured) $12,000Punitive Damages $10,000Total $24,500Eight years ago, Melissa purchased an annuity contract for $88,000.