Summary Problem: Ralph,age 44,is an Account Executive for Cobb Advertising,Inc

question 80

Essay

Summary Problem: Ralph,age 44,is an account executive for Cobb Advertising,Inc.Ralph's annual salary is $90,000.Other benefits paid by Cobb Advertising were:
$\begin{array}{lr}\text { Heal th and Accident Insurance Premiums } & \$ 1,500 \\\text { Group-Term Life Insurance Policy ( } \$ 135,000 \text { of coverage) } & 250 \\\text { Payment of Country Club Dues } & 3,660 \\\text { Dues to professional organizations, trade journals } & 550 \\\text { Parking space in downtown gar age } & 3,180\end{array}$
In addition to the benefits above,Cobb Advertising has a qualified pension plan into which employees can contribute (and Cobb matches)up to 5% of their annual salary.Ralph contributes the maximum allowable to the plan.
Ralph has never been able to itemize his allowable personal deductions (i.e.,he always uses the standard deduction).In 2013,Ralph receives a refund of $300 of his 2012 State income taxes and a 2012 Federal tax refund of $400.
Other sources of income:
$\begin{array} { l } \text {Interest credited to savings account }&\$980\\ \text {Value of stock received from Western Power \& Light Company }&\\ \text {(Ralph had the option to take the dividend in cash) }&400\\ \text {Sale of Sea Isl and Adventures Common Stock }&\\ \text {(cost of the stock was \( \$ 2,200 \) ) }&3,500\\\text { Value of land inherited from grandfather } & 80,000 \\\text { Crop-share payments received on inherited land } & 2,820\\\end{array}$

Required: Compute Ralph's 2013 gross income.

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Definitions:

Discourse Analysis

A methodological approach that studies how language is used in texts and context to construct meaning and social reality.

Orient

To align or position something relative to points of a compass or other specified positions; in a broader sense, to determine one's position or context in relation to something.

Colonialism

The tactic or practice of obtaining total or partial political authority over another country, settling it with inhabitants, and economically benefiting from it.

Race And Racism

relates to the classification of humans into groups based on physical traits, ancestry, genetics, or social relations, and the systemic oppression of races deemed inferior.