Lisa and Collin Are Married

question 128

Essay

Lisa and Collin are married. Lisa works as an engineer and earns a salary of $183,500. Collin works at a beauty salon and reported wages of $81,500. Lisa received $640 of interest from corporate bonds and $280 of interest from a municipal bond. Lisa acquired these bonds prior to her marriage to Collin. Collin's father passed away on April 14. He inherited cash of $56,000 and his baseball card collection, valued at $2,450. As beneficiary of his father's life insurance policy, Collin also received $184,500. The couple spent a weekend in Atlantic City in November and came home with gambling winnings of $2,180. Collin was injured in an accident at the salon. He was unable to work for a month, but during this time he received $5,700 from disability insurance he purchased several years ago. Collin also received $2,850 in workers' compensation, and $2,350 from the salon for the emotional trauma he suffered from the accident. Calculate Lisa and Collin's gross income for this year, assuming they will file married filing jointly.

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Definitions:

Labor Relations

The study and practice of managing relationships between employers and the workforce, often focusing on collective bargaining, union-management relations, and workplace conflict resolution.

Employee-Management Cooperation

A collaborative relationship between employees and management to improve working conditions, productivity, and organizational effectiveness.

Labor Unions

Organizations formed by workers from related fields that work together to protect their collective interests and negotiate with employers over wages, benefits, and working conditions.