The Information That Follows Applies to the Current Year for Aaron

question 54

Multiple Choice

The information that follows applies to the current year for Aaron and Janelle, a married couple. • Aaron is employed as a shoe salesman; his compensation is $75,000.
• Janelle is employed by the state of Indiana; her compensation is $35,000.
• Aaron and Janelle have total allowable itemized deductions of $12,000.
• Aaron and Janelle have two dependent children.
• Aaron and Janelle have other economic income as follows: - Interest on U.S. Treasury notes $1,000. - Interest on Compost Computer bonds $1,500. - Interest on German government bonds $750. - Interest on City of Nashville. bonds $1,200. - Aaron's wealthy uncle gives him $1,000. - Janelle sold Aaron's football card collection for $3,000. It cost $800. - Janelle sells Aaron's fishing boat for $2,000. Aaron had purchased the boat 3 years ago for $2,800. Based on the above information, what is Aaron and Janelle 's adjusted gross income?

• A) $114,450
• B) $114,700
• C) $115,450
• D) $116,450
• E) $116,650

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Definitions:

Norway And Sweden

Scandinavian countries known for their high standards of living, extensive welfare systems, and progressive policies.

Co-Custody

A legal arrangement where two parties share the responsibility and authority to make decisions about a child's upbringing.

Economic Burdens

Economic burdens are financial strains or pressures faced by individuals, families, or societies due to various factors such as debt, unemployment, or healthcare costs.

Child Support

Financial contributions ordered by a court for the expenses associated with raising a child, typically paid by the non-custodial parent to the custodial parent.