Helen, Age 74 and a Widow, Is Claimed as a Dependent

question 137

Essay

Helen, age 74 and a widow, is claimed as a dependent by her daughter. For 2018, she had income as follows: $2,500 interest on municipal bonds? $3,200 Social Security benefits? $3,000 income from a part-time job? and $2,800 dividends on stock investments. What is Helen's taxable income for 2018?

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Definitions:

M1

M1 is a category of the money supply that includes all physical currency plus demand deposits and other liquid assets held by the central bank.

M2

M2 is a category of money supply that includes all elements of M1 (cash and checking deposits) as well as "near money," such as savings deposits, money market securities, and mutual funds.

M3

A gauge of monetary supply that encompasses M2, including cash, checking deposits, and near money that's easily converted, in addition to large-scale time deposits, institutional money market funds, and other sizeable liquid assets.

Check-Cashing Outlets

Businesses that offer to cash checks for a fee, often serving customers who do not have access to traditional banking services.